Canaccord Genuity Reiterates Buy on United Natural Foods (UNFI)

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Today analysts at Canaccord Genuity reiterated a Buy on United Natural Foods (NASDAQ: UNFI) with a price target of $63.00. The company recently reported FQ1 2013 earnings that were in-line with estimates, with stronger than expected sales.

Analyst Scott Van Winkle said "The robust natural/organic category growth, coupled with UNFI’s position as the leading distributor in the sector, should deliver strong sales/earnings growth."

Looking forward, he said "We don’t assume gross margin recovers fully in Q2, but expect improvement. The sequential improvement should be offset by contingency expenses for a potential strike in the Pacific Northwest along with $500K of Sandy-related incremental costs."

For an analyst ratings summary and ratings history on United Natural Foods (NASDAQ: UNFI) click here. For more ratings news on United Natural Foods click here.

Shares of United Natural Foods closed at $52.00 yesterday, with a 52 week range of $35.85-$61.26.

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