Diamond Foods shares up after record walnut crop

By Caroline Valetkevitch

NEW YORK (Reuters) - Shares of Diamond Foods are up 3.6 percent and the stock is on track for its biggest one-day percentage gain since July after forecasts for a record walnut crop in California this year, despite the state's drought.

The stock is up 6 percent for the year so far, but at $27.40 it is well above its intrinsic value of $16.22, according to Thomson Reuters StarMine data, suggesting the stock is overvalued based on forward earnings growth projections.

The stock also has a relative valuation score of just 9 out of 100, the data shows.

Index snapshot at 14:53:

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(Editing by Meredith Mazzilli and Nick Zieminski)