BofA lowered the firm’s price target on Grocery Outlet to $33 from $40 and keeps a Buy rating on the shares. The firm lowered FY24 EPS estimates and applies a lower multiple given potential cost headwinds in 2024, but believes a higher valuation than other Food Retailers is supported by the company’s differentiated model, extreme customer value proposition, and potentially very long-term and low-risk growth horizon, the analyst tells investors.
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