Sysco Corp. (SYY): Raising PT to $56 - BMO
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BMO Capital analyst, Kelly Bania, reiterated her Market Perform rating on shares of Sysco (NYSE: SYY) following an exceptionally strong F1Q17, supported by an accelerating contribution from internal initiatives, solid contribution from independents/specialty business, and strong international performance.
The new target price of $56 (up from $52) reflects 20x FY2018E EPS and an 11-12x EV/EBITDA multiple. The Market Perform rating stayed the same due to valuation.
Shares of Sysco closed at $54.19 yesterday.
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