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PFGC

Performance Food Group

$42.46

0.92 (2.21%)

06:57
07/12/19
07/12
06:57
07/12/19
06:57

Performance Food Group price target raised to $48 from $42 at BMO Capital

BMO Capital analyst Kelly Bania raised her price target on Performance Food Group to $48 and kept her Outperform rating, saying she is positive on the price and "great timing" of its $2B acquisition of regional distributor Reinhart. The analyst notes that the multiple paid by the company is a discount relative to the US Foods (USFD) deal and the synergy outlook offered by its management appears to be "conservative". Bania adds that the core business of Performance Food Group continues to enjoy strong fundamentals that are also valued "attractively".

  • 19

    Sep

  • 25

    Sep

PFGC Performance Food Group
$42.46

0.92 (2.21%)

12/21/18
SBSH
12/21/18
INITIATION
Target $40
SBSH
Buy
Performance Food Group initiated with a Buy at Citi
Citi analyst Gregory Badishkanian started Performance Food Group with a Buy rating and $40 price target.
04/17/19
BOFA
04/17/19
INITIATION
Target $45
BOFA
Performance Food Group initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Christopher Carey initiated Performance Food Group with a Buy and $45 price target citing healthy growth with upside potential. Carey expects independent restaurant growth to reaccelerate in second half 2019 supported by salesforce expansion and views Vistar as a key differentiator with its high margins and increasing penetration in existing channels.
04/17/19
04/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Organogenesis (ORGO) initiated with an Outperform at Oppenheimer. 2. Teladoc (TDOC) initiated with an Overweight at Stephens. 3. Solar Capital (SLRC) initiated with an Outperform at Raymond James. 4. Principia Biopharma (PRNB) initiated with a Buy at Stifel. 5. Aurora Cannabis (ACB), HEXO Corp (HEXO), Canopy Growth (CGC), and Performance Food Group (PFGC) initiated with a Buy at BofA/Merrill while Cronos Group (CRON) was initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/05/19
LOOP
07/05/19
NO CHANGE
Target $48
LOOP
Buy
Performance Food Group's Reinhart synergy view likely low, says Loop Capital
Loop Capital analyst Andrew Wolf keeps his Buy rating and $48 price target on Performance Food Group, but sees the earnings accretion guided by the company in relation to its Reinhart acquisition as "most likely conservative." Based on the comparative analysis of similar transactions, the analyst contends that the $50M in year-three cost synergies is likely to prove to be low. Wolf adds that that the sales and product mix synergies are not included in the company's projections, but may also turn out to be "significant", forecasting upside of 4%-8% from the 17% accretion implied by Performance Food Group's outlook.

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