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Fly News Breaks for November 5, 2015
WFM, UNFI
Nov 5, 2015 | 05:45 EDT
Piper Jaffray analyst Sean Naughton downgraded United Natural Foods (UNFI) to Neutral citing the disappointing earnings results last night from the company's largest customer, Whole Foods (WFM). Whole Foods, which represents approximately 40% of United Natural's sales, is experiencing a continued slowdown in sales trends, Naughton tells investors in a research note. He cut his price target for United Natural to $50 from $56.
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