As reported earlier, BMO Capital analyst Kelly Bania downgraded Chef's Warehouse to Market Perform from Outperform but raised her price target to $38 from $34. The analyst cites a more balanced risk-reward on the stock after its recent price advance, saying its current valuation still reflects its "potential to reach a long-term EBITDA margin goal of 7%". Bania also remains positive on Chef's Warehouse continued tailwinds of "high-quality specialty and center of plate products, benefits from investments in technology, management, and infrastructure", margin management tool and more "careful" approached to acquisitions and integration.