I originally considered 20 my target price, but that's just too cheap.

With today's earnings of $1.11 Fresh Del Monte is now likely to make around $2.50 per share this year. That's a P/E of less than 9.

Factor in a hard book value is $19 (goodwill enhanced book value is $25.) A melon glut that's abating. Debt is very, very low at 350M (part of the reason they received such a favorable interest rate last week with the LOC renewal.) Over 50% of the revenues are international makes for a very nice hedge against a longterm weak dollar. Plus, being in the food industry, FDP is really situated nicely for this economy....and the malaise coming.

That doesn't mean Fresh Del Monte will continue rallying from here. It might very well sell-off back to high teens (especially in weak market this fall), but looking out longterm, this stock is still cheap. A challenge of the old highs in not out of the question in the next 24 mths.