The Chefs' Warehouse, Inc (CHEF) PT Raised to $125 at UBS on Unique Positioning

UBS analyst Mark Carden raised the price target on The Chefs' Warehouse, Inc (NASDAQ: CHEF) to $125.00 (from $114.00) while maintaining a Buy rating.

The analyst commented, "CHEF continues to benefit from its unique positioning within the broader food distribution market. There was some investor concern ahead of earnings given the stock had climbed by ~55% over the course of the past three months. Further, tensions in the Middle East had ticked back up, and there was some worries that Cyclospora could be impacting July produce demand. Despite these headwinds, CHEF's stock managed to climb by over 5% on the day, as the distributor posted its strongest pace of organic growth (+12.2%) since 1Q'23 and saw double digit top line growth continue into July. Further, while the Middle East remains a point of uncertainty, CHEF noted that it was doing ~94% of the business it was doing last year in the region (it had returned to ~75% at the time of its 1Q call). Looking ahead, we expect for CHEF to continue to benefit from its skew towards higher income end consumers and its unparalleled SKU assortment for upper tier independent restaurants. We raise our price target to $125 (from $114) and maintain our Buy rating."

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