Chefs’ Warehouse price target raised to $55 from $50 at BMO Capital

BMO Capital raised the firm’s price target on Chefs’ Warehouse (CHEF) to $55 from $50 and keeps an Outperform rating on the shares. The company’s Q3 results were in-line, and the low-end of adjusted EBITDA guidance range was raised slightly, but while some investors may have been looking for more upside, changes in post-COVID seasonality seemed to weigh on the quarter and could possibly shift into Q4, the analyst tells investors in a research note. BMO adds that the management remains committed to long-term EBITDA expansion, and its new disclosures could help investors take comfort in the initiatives to reach its 2028 goals.