Chefs’ Warehouse price still dislocated from fundamentals, says BTIG

BTIG analyst Peter Saleh keeps a Buy rating and $44 price target on Chefs’ Warehouse after holding investor meetings with its management. The firm maintains its view that shares are significantly undervalued, with 2023 revenue, gross profit and operating income all tracking to double from 2019 levels, yet shares are trading well below pre-pandemic levels. Chefs’ Warehouse remains on track with Q4 expectations, with sales commentary seen as “rather positive”, the analyst tells investors in a research note.