UPDATE: Argus Upgrades Sysco (SYY) to Buy
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Argus analyst John Staszak upgraded Sysco (NYSE: SYY) from Hold to Buy with a price target of $95.00.
The analyst comments "We are upgrading Sysco Corp. (NYSE: SYY) to BUY from HOLD with a target price of $95. The company is working to offset lower food sales to restaurants and hotels by cutting costs and focusing on sales to grocery stores, which are seeing stronger sales. Although the pandemic has raised concerns about the liquidity of foodservice distributors, we believe that Sysco has sufficient liquidity and access to credit to survive the current downturn. "
Shares of Sysco closed at $83.55 yesterday.
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