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Fly News Breaks for June 24, 2015
SYY
Jun 24, 2015 | 07:23 EDT
Jefferies says the U.S. District Court's granting of the FTC's request for an injunction to block the proposed Sysco/U.S. Foods merger could be the "final blow" to the deal as Sysco is unlikely to appeal the ruling. The firm expects Sysco will turn to alternatives, which could include a leveraged buyback and/or cost cutting efforts. It thinks Sysco shares will react negatively to the news and keeps a Hold rating on the name with a $35 price target.
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