Piper Jaffray Cuts Price Target to United Natural Foods (UNFI) Following Q3
Piper Jaffray reiterates an Overweight rating on United Natural Foods (NASDAQ: UNFI), and cut the price target to $80.00 (from $81.00), following the company's Q3 earnings report. UNFI reported sales of 2.12B came in below consensus expectations of 2.14B. EPS was reported at $0.83 vs. consensus estimate of $0.85.
Analyst Sean Naughton commented, "We are adjusting our estimates for UNFI following the company's Q3 earnings report this evening as near-term industry trends have slowed. Increasing competition and decelerating organic growth led the company to lower guidance for the year. While we acknowledge sales are pressured, we are encouraged by stabilization and slight acceleration near term. We continue to like UNFI's positioning within the natural and organic industry and see a return to accelerated growth as the company continues to integrate the Tony's acquisition and focuses greater attention on the fresh food market. We reiterate our Overweight rating while lowering our price target to $80 to reflect reduced estimates."
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Shares of United Natural Foods closed at $63.66 yesterday.