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Fly News Breaks for January 16, 2019
SYY
Jan 16, 2019 | 07:16 EDT
As previously reported, BofA/Merrill downgraded Sysco to Neutral from Buy and cut its price target to $68 from $75. Analyst Marisa Sullivan said shares are approaching fair value given a softer sales outlook and continued margin pressures. Sullivan believes Sysco's three-year plan targeting EBIT improvement of $650M-$700M may be difficult to achieve due to muted sales and current margin pressures.
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