Barclays Maintains an 'Equalweight' on United Natural Foods (UNFI); Steady as She Goes

Barclays maintains an 'Equalweight' on United Natural Foods (NASDAQ: UNFI) price target lowered from $41 to $38.

Barclays analyst says, "UNFI management was justifiably proud of the quarter that just ended, though the reason was not really financial results. Rather they were pleased about how well the company executed a number of challenging activities, including: 1) planning and buying for the strong holiday lift expected in 4Q, driven in part by recent acquisitions and new business wins; 2) adding about $180 million of new business in from Safeway (NYSE: SWY), the largest customer win in UNFI's history with an impact on multiple distribution facilities; and 3) disposing of the non-foods business."

"We are lowering our 2Q12 EPS by $0.01 to $0.44 but maintaining our FY12 EPS at $1.87. Our FY12 EPS compares to the reiterated guidance range of $1.83-1.93 or $1.81-1.91 adjusted for the $0.02 of on-boarding expenses related to SWY. We are also increasing our FY13 by $0.01 to $2.11."

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 $38.33 yesterday.

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