Pivotal Research analyst Ajay Jain reiterated a Hold rating on Performance Food Group (PFGC) today and set a price target of $37. The company’s shares closed yesterday at $37.88, close to its 52-week high of $39.45.
Jain commented:
“2H19 (HOLD) Feb. 7, 2019 BOTTOM LINE: PFGC delivered a solid earnings beat in 2Q19 with strong case growth in the Foodservice segment and continued momentum in Vistar. At this time, PFGC is ahead of plan in relation to FY19 guidance. We’ve updated our estimates which reflect 10% adj. EBITDA growth for FY19. PFGC will benefit in the near-term from recent investments in its sales force. Independent case volume should pick up in 2H19. Even though PFGC’s sales to independents are outpacing the competition, we are still seeing some indications that the outlook for independents is becoming a bit more pressured across the industry. Overall, PFGC is executing at a very high level with underlying case growth across both independents and chains.”
According to TipRanks.com, Jain is a 4-star analyst with an average return of 12.2% and a 58.3% success rate. Jain covers the Services sector, focusing on stocks such as Walgreens Boots Alliance, United Natural Foods, and Kroger Company.
Performance Food Group has an analyst consensus of Strong Buy, with a price target consensus of $38.75.
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Performance Food Group’s market cap is currently $3.92B and has a P/E ratio of 19.44. The company has a Price to Book ratio of 3.37.
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.
