Limoneira downgraded to Hold from Buy at Lake Street

Lake Street downgraded Limoneira to Hold from Buy with an unchanged price target of $25. An “exceptional” Q3 from avocado operations and continued improvement across the lemon business despite still weak pricing led to a “dramatic” year-over-year improvement and “solid beat,” the analyst tells investors. Limoneira’s operations continue to show solid improvement, its asset monetization strategy “still has room to run,” and its avocado expansion strategy is increasingly well considered, but the firm believes Limoneira is “reasonably valued” at a $450M market cap, the analyst says.