Canaccord Genuity Cuts Price Target on United Natural Foods (UNFI) Following Q3 Results
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Rating Summary:
8 Buy, 23 Hold, 7 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 8 | Down: 2 | New: 35
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Canaccord Genuity reiterates a Buy rating on United Natural Foods (NASDAQ: UNFI), and cut the price target to $71.00 (from $85.00), following Q3 results. UNFI reported EPS of $0.83 that came in $0.02 below the consensus forecast of $0.85. Revenue of $2.11 billion fell short of Streets $2.14 billion.
Analyst Scott Winkle, commented, "The increasingly competitive retail environment is further challenging growth with more pronounced pressure in UNFI's independent channel. UNFI is well positioned as the largest distribution of natural/organic foods and, while multi-channel, is over-indexed to the specialty retailer channels. We continue to believe that a broadening opportunity due to the Tony's Fine Foods acquisition is a significant opportunity and the winning of $100 million in incremental business shipping in July illustrates the UNFI-Tony's value proposition. We maintain our BUY rating, but have reduced our price target to $71 from $85 on lower forecasts and a more modest PE target to reflect the current growth trend."
For an analyst ratings summary and ratings history on United Natural Foods click here. For more ratings news on United Natural Foods click here.
Shares of United Natural Foods closed at $63.66 yesterday.
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