Guggenheim Reiterates Best Idea on Performance Food Group (PFGC)

Guggenheim analyst John Heinbockel reiterated its Best Idea designation on Performance Food Group (NYSE: PFGC). The firm also reiterated a Buy rating and $65.00 price target.

Heinbockel commented, "With the shares sitting below $50, we reiterate our Best Idea designation and Buy rating—see Exhibit 1—as a low-risk COVID recovery story and ahead of several catalysts over the next six months. On the one hand, sales have already recovered to pre-COVID levels while the labor cost pressure-related EBITDA lag has been modest. On the other hand, the strategically sound CORE acquisition significantly expands the TAM, creates valuable cross-selling opportunities, and should prove accretive to EPS, by 8-9%, in year one. We believe a 4Q beat (August) and CORE’s FTC approval (perhaps by YE) should drive share price outperformance."

For an analyst ratings summary and ratings history on Performance Food Group click here. For more ratings news on Performance Food Group click here.

Shares of Performance Food Group closed at $48.82 yesterday.

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