Fly News Breaks for May 8, 2019
May 8, 2019 | 08:38 EDT
As previously reported, Buckingham analyst Bob Summers upgraded US Foods to Buy from Neutral and raised his price target on the shares to $48 from $32 following the company's Q1 earnings report. The analyst continues to have a "very favorable" sector view as he believes that food away from home trends will continue and the industry fragmentation favors large, well-capitalized operators. Further, he thinks sustained recent improved execution should facilitate continued case volume strength with higher margin Independent as well as drive sequential accelerating in HC/Hospitality and Other segments, while sentiment should improve as fundamentals remains "strong" and execution reflects continued progress serving to close the valuation disparity versus peers.
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