RBC Capital Upgrades United Natural Foods (UNFI) to Sector Perform

RBC Capital upgraded United Natural Foods (NASDAQ: UNFI) from Underperform to Sector Perform with a price target of $35.00 (from $42.00).

Analyst William Kirk commented, "UNFI is operating in a structurally challenged tier, facing increased competition and under pressure as WFM's largest supplier. That said, shares are trading near recessionary levels, short interest is at multi-year highs, and consensus sentiment has turned decidedly negative. Giving UNFI a conventional P&L (3% EBITDA margin) and multiple (6x), we see little additional downside. We are lowering our price target to $35 but upgrading the shares to Sector Perform."

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 $33.99 yesterday.

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