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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, December 13, 2000

Analyst ups rating, target price for HEI

A stock analyst with Robert W. Baird & Co. says the value of Hawaiian Electric Industries Inc. should rise about 14 percent to $40 a share. David E. Parker yesterday lifted his recommendation for Hawaiian Electric to "market outperform" from "market perform" and increased the company's target price from his previous estimate of $36 per share. The price of the diversified holding company's stock closed down 31 cents today at $34.63. Of the seven Wall Street analysts who follow Hawaiian Electric, four call it a buy and three rate it as a hold.

Dole is listed among magazine's top stocks

Fortune magazine is naming Dole Food Co. as one of the best buys on the stock market for 2001 based on the view that the international produce grower is highly undervalued. In its Dec. 18 edition, Fortune says Dole is benefiting from a strengthening in the euro, which had been holding down the company's profits in Europe. The magazine also says the so-called "banana war" over European import quotas appears to be nearing a cease-fire. Moreover, Dole's annual sales have reached $5 billion, which doesn't fit its current market capitalization of $768 million, the magazine says. Dole's stock already has risen nearly $2 to $13.69 after hitting a 5-year low of $11.75 on Nov. 8. Fortune included the Westlake Village, Calif.-based firm in its list of "Seven Stocks that are Ready to Run."

Prince Resorts Hawaii dropping Westin ties

The five-year marketing pact in which Westin Hotels & Resorts handled the sales for the four Prince Resorts Hawaii hotels will not be renewed when it ends Jan. 31, the companies said. Keith Vieira, senior vice president and director of operations in Hawaii for Westin parent Starwood Hotels & Resorts Worldwide Inc., said the hotels are operating in a different market from five years ago and have separate strategies to pursue. After January, Prince Hotels will drop the Westin brand from its hotels, the Hawaii Prince Hotel Waikiki; the Maui Prince Hotel, Makena; and the Big Island's Hapuna Beach Hotel and Mauna Kea Beach Hotel.

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