BMO Capital reiterated a Market Perform rating on Sysco Corp. (NYSE: SYY), and raised the price target to $52.00 (from $44.00), following the company's 3Q earnings report. Sysco reported adjusted EPS of $0.46, coming in ahead of consensus estimates of $0.42.

Analyst Kelly Bania commented, "While Sysco management acknowledges that weather and Easter supported favorable tailwinds in FY3Q16, the company is clearly making strong progress toward its three-year financial plan, which was recently increased to “at least $500MM” in operating income growth (from $400MM originally). We initially viewed these targets as aggressive, yet with accelerating local case growth (+3.4%, the strongest level in years) creating a favorable backdrop against which to operate, combined with company-specific initiatives to reduce administrative costs (2% administrative workforce reduction in progress and a new market structure announced today) and grow gross profit dollars, we are raising our EPS estimates. FY2017 and FY2018 shift to $2.29 and $2.53 (from $2.14 and $2.26, respectively) given greater confidence that the solid trends will continue."

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Shares of Sysco closed at $48.61 yesterday.