Guggenheim Reiterates Buy Rating on Performance Food Group (PFGC)
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Guggenheim analyst John Heinbockel reiterated a Buy rating and $65.00 price target on Performance Food Group (NYSE: PFGC) as he believes short term weaknesses offer long term opportunities.
The analyst comments: "We reiterate, once again, our Best Idea, Buy, and $65 PT following additional share price weakness, which we believe has several likely sources, including concerns as to discretionary spending—in a rising interest rate environment —labor cost pressure, and the CORE acquisition. We believe (1) any such concerns are overdone and countered by business mix shifts and profitable share gains, (2) the CORE acquisition is likely to be accretive to year-one EPS by almost 10% and to secular sales and EBITDA DOLLAR growth, and (3) substantial June quarter top- and bottom-line outperformance in early August will serve as a powerful catalyst."
Shares of Performance Food Group closed at $47.11 yesterday.
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