Guggenheim Reiterates Buy on Performance Food Group (PFGC) as Shares Trade Up
Guggenheim reiterated a Buy rating and $39.00 price target on Performance Food Group (NYSE: PFGC) as shares show a strong rally following an in-line 3Q. PFGC closed +10% compared to the S&P 500's +1%.
In addition to a normalization in weather, which has already occurred, heavy investment in salespeople should elevate independent case growth while the integration of CCSI would benefit EBITDA. We expect EBITDA growth to strengthen to 7-8% in 4Q 2018 and at least that in 2019.
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Shares of Performance Food Group closed at $35.70 yesterday.