Jefferies Cuts Price Target Following United Natural Foods (UNFI) Q3 Results

Jefferies reiterates a Buy rating on United Natural Foods (NASDAQ: UNFI), and cut the price target to $84.00 (from $90.00), following its 3Q results. UNFI reported EPS of $0.83 vs. consensus $0.85.

Analyst Mark Wiltamuth commented, "While 3Q certainly had its issues (weak sales and gross margins), we take comfort in UNFI's announcement of 2 new perimeter customers (~$100M in sales) and the fact that organic growth may have bottomed. Given our LT outlook calling for improving FCF/ROIC and an eventual return to 12-14% sales growth, we look through the NT noise and recommend buying a high quality operator levered to the natural/organic industry. Reiterate Buy, but lower PT to $84 from $90."

For an analyst ratings summary and ratings history on United Natural Foods click here. For more ratings news on United Natural Foods click here.

Shares of United Natural Foods closed at $63.66 yesterday.

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