2024-05-16 23:10:43 ET
Summary
- Mission Produce's shares have fallen 22.3%, while the S&P 500 has surged 36.6% since September 2022.
- The company's financial results worsened in 2023, but there are signs of improvement in 2024.
- The growing popularity of avocados and the company's investments in diversification are positive factors for its long-term prospects.
- But shares are not yet attractively priced to warrant a lot of optimism.
Times have been difficult for Mission Produce ( AVO ). If you're not familiar with the company, it's a firm that's engaged in the agricultural space. Specifically, the company focuses primarily on the sourcing, producing, packing, and distribution, of avocados. Given how popular avocados have become with some segments of the population, you might think that this particular enterprise would be doing well for itself. But since I last rated the company a ‘hold’ back in September of 2022, shares have plunged 22.3% while the S&P 500 has surged by 36.6%....
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Mission Produce: The Price Isn't Right