THE ANALYSIS: Janney Capital Markets analyst Jonathan Feeney said that management hopes to complete its review of the business by the end of the year, but he believes it could be within the next few months.

Dole’s outlook may be soft, but Feeney said its large base of assets and its attractive packaged food business are undervalued, given recent fluctuations in profitability tied to fresh produce.

A spin-off of the packaged foods business could raise between $900 million and $1 billion, Feeney estimated, which along with a sale of some land that it is not currently using, could be used to cut most of its debt.

SHARE ACTION: Shares of Dole Food Co. rose 40 cents, or 4.6 percent, to $9.12 in midday trading, on more than twice normal volume. Its shares have traded between $8.02 and $14.58 in the past 52 weeks, with its stock price peaking last summer and taking a bumpy ride down since.