JPMorgan raised the firm’s price target on Sysco to $87 from $84 and keeps an Overweight rating on the shares. The analyst says global quick service restaurants are entering a more difficult promotional phase as traffic softens in their lower income customer base. 2024 is now back to a more typical 2019 consumer behavior, yet the consumer has been asked to absorb 29% average ticket gains over these years versus 25% income gains, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SYY:
- Sysco Declares Quarterly Dividend Payment
- Analysts and Technical Indicators Agree: These 3 Stocks Are “Strong Buys” – 2/20/2024
- GD, BDX, SYY: 3 Best Dividend Aristocrats with Plenty of Upside Potential
- GE, SYY: 2 Best Industrial Picks of Top Hedge Fund Manager
- Sysco price target raised to $90 from $85 at Deutsche Bank