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Fly News Breaks for August 12, 2019
SYY
Aug 12, 2019 | 15:27 EDT
Wells Fargo analyst Edward Kelly said Sysco's earnings report looks "like a clearing event" and he recommends buying the stock following a quarter that he said "was generally better than feared" and sets the stage for improved performance in fiscal 2020. The company "finally cut its aggressive three-year EBIT growth target" and although he would have liked to see guidance moved even lower, the revision should still remove a key overhang on the stock, said Kelly, who keeps an Outperform rating on Sysco shares.
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