Limoneira price target raised to $28 from $24 at B. Riley

B. Riley raised the firm’s price target on Limoneira to $28 from $24 and keeps a Buy rating on the shares ahead of the fiscal Q3 report on September 9. The company in Q2 displayed better lemon pricing from excess rain in California that had delayed harvest into Q3, setting the quarter to have much higher lemon and avocado sales, the analyst tells investors in a research note. The firm expects Limoneira to conclude its strategic review process soon and announce its decision on the direction it takes in selling the farmland, the lemon packing and shipping operations, and its harvest joint ventures in full or in parts. It believes an intrinsic valuation of at least $35 per share can be realized in full or in part through a possible transaction in the near term.