Canaccord Genuity Reiterates Buy on United Natural Foods (UNFI) Following 4Q Pre-Announcement

Canaccord Genuity maintained a Buy rating and $60.00 price target on United Natural Foods (NASDAQ: UNFI) following a 4Q pre-announcement and F2016 guidance. GAAP EPS of $0.72 to $0.73 compares favorably to the Street's $0.72. Revenue of $2.060-2.065 billion modestly topped consensus of 2.05 billion. Management guided F2016 EPS of $2.86 to $2.98. UNFI is scheduled to report its earnings on September 14th.

Analyst Scott Winkle commented, "A favorable Q4 pre-announcement and initial F2016 guidance that is better than feared should help begin to stem the negative sentiment. Maintain BUY rating and no change to estimates ahead of Thursday's 8AM ET conference call."

Winkle also added, "UNFI pre-announced solid Q4 upside ahead of the planned Q4 report on September 14th that surprised us given the increasingly challenged trends at Whole Foods Market seen in the last several months. GAAP EPS of $0.72 to $0.73 compares favorably to our $0.70 and the Street's $0.72, resulting in F2015 earnings that came in at the midpoint of guidance. Q4 revenue of $2.060-2.065 billion were about 1.5% ahead of our forecast and modestly topped consensus."

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 $46.27 yesterday.

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• BJ's Wholesale Club (BJ) Tops Q2 EPS by 19c, Beats on Revenue; Offers FY27 EPS Guidance
• Beike (BEKE) PT Raised to $23 at Morgan Stanley