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Fly News Breaks for December 15, 2015
SYY
Dec 15, 2015 | 07:46 EDT
Goldman analyst Stephen Grambling initiated Sysco with a Sell rating and $37 price target on shares. Grambling said the recent rally in Sysco shares has created unfavorable risk/reward and valuation appears to reflect upside to estimates even as the macro backdrop becomes more challenging. The analyst expects gross profit pressure from deflation in protein and dairy and, weaker trends from local restaurants given higher minimum wages and healthcare regulation.
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