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Fly News Breaks for February 7, 2017
SYY
Feb 7, 2017 | 08:34 EDT
BofA/Merrill analyst Marisa Sullivan said Sysco Q2 earnings best but sales growth was below her forecast due to softness in chain restaurants. Sullivan believes Sysco's margin initiatives continue to gain traction as Q2 foodservice business margins were above Q1 despite moderating deflation. The analyst believes Sysco is well-positioned for continued share gains and views the market overreaction to results as a buying opportunity. Sullivan rates Sysco a Buy with a $60 price target.
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