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Fly News Breaks for June 30, 2015
SYY
Jun 30, 2015 | 07:20 EDT
As previously reported, Deutsche Bank analyst Karen Short downgraded Sysco to Hold from Buy after the company announced yesterday that it has terminated its merger agreement with rival US Foods. Short said the company's buyback in place of the merger is less meaningful than she had hoped for, that future cost savings could be smaller than expected and that competition may increase in the near-term. The analyst cut her price target on Sysco to $40 from $50.
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