UBS Reiterates Buy Rating on Sysco (SYY) Following Trip to Company Headquarters

UBS analyst Mark Carden reiterated a Buy rating and $95.00 price target on Sysco (NYSE: SYY).

The analyst commented, "We recently hosted a trip with investors to Sysco’s headquarters in Houston, TX, where we met with SYY’s and Jetro Restaurant Depot’s senior leadership teams. We also toured the Tomball, TX, Restaurant Depot location. Our key takeaway from the event was that Sysco has realistic, meaningful upside opportunity to both its earnings guidance as well as its Restaurant Depot synergy opportunity. At the event, SYY highlighted a growing number of levers it has to drive both sales and margin expansion. SYY remains confident in its ability to grow local cases while improving its salesforce productivity through AI 360. It believes it’s striking the right balance between headcount additions and technology investment. At the same time, the company stressed that its $100 million cost-savings initiative is only an early chapter in its efforts to improve profitability, with additional opportunities to both take costs out and boost revenue over time."

For an analyst ratings summary and ratings history on Sysco click here. For more ratings news on Sysco click here.

Shares of Sysco closed at $84.69 yesterday.

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