Mission Produce price target lowered to $12 from $13 at Stephens

Stephens analyst Ben Bienvenu lowered the firm’s price target on Mission Produce to $12 from $13 and keeps an Overweight rating on the shares. After a difficult year in FY23, the company navigated a challenging quarter better than feared, the analyst tells investors in a research note. It looks as though external fundamentals are poised for improvement in FY24, and while the company should make progress on reducing balance sheet leverage and improve overall profitability, the improvements may not be as significant as the firm previously expected.