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Fly News Breaks for February 4, 2020
SYY
Feb 4, 2020 | 07:31 EDT
Credit Suisse analyst Judah Frommer lowered his price target for Sysco to $84 from $89 after the company "disappointed" investors with yet another cut to its fiscal year 2020 operating income target and Q2 underperformance on the same line, as a modest miss in its core U.S. business was compounded by struggles abroad. What has changed versus prior cuts, however, is what appears to be a purposeful pull-forward of investment tied to the recently announced CEO change, the analyst contends. Frommer has an Outperform rating on the shares.
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