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Fly News Breaks for June 7, 2018
UNFI
Jun 7, 2018 | 07:37 EDT
Loop Capital analyst Andrew Wolf says that while a casual analysis would suggest United Natural Foods' Q3 earnings beat was driven by an unusually large quasi-one time item, his detailed accounting analysis concludes otherwise. He notes the quarter also absorbed $20M of incremental expenses that all but offset the $20.9M gain into income. As such, the analyst views the quality of earnings as "decent" during the quarter. He boosted his fiscal 2018 and 2019 earnings forecasts and keeps a Buy rating on United Natural Foods with a $61 price target.
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