Pivotal Research analyst Ajay Jain reiterated a Hold rating on Performance Food Group (PFGC) today and set a price target of $31. The company’s shares opened today at $32.41.
Jain noted:
“We don’t have substantive changes to our FY19 estimates following PFGC’s 1Q19 results. For FY20, we have revised our EBITDA est. to $500 million (from $530 million previously). Mgt. had already telegraphed that growth would be subdued in 1H19 based on continued investments in warehouse personnel, drivers, and new salespeople. Based on the consolidation of reporting segments, the EBITDA growth was again disproportionately driven by the Vistar segment with the core Foodservice segment down by 5% from last year. We are keeping our price target unchanged at $31. The most meaningful takeaway from the earnings call was some confirmation that same-store sales trends have started to soften with independents.”
According to TipRanks.com, Jain is a 4-star analyst with an average return of 10.4% and a 57.3% success rate. Jain covers the Services sector, focusing on stocks such as Walgreens Boots Alliance, US Food Holdings Corp, and United Natural Foods.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Performance Food Group with a $37.43 average price target.
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The company has a one-year high of $39.45 and a one-year low of $27.35. Currently, Performance Food Group has an average volume of 841.9K.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock.
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Performance Food Group Co. engages in the market and distribution of food products. It operates its business through the following segments: Performance Foodservice; PFG Customized; Vistar; and Corporate and All Other.
