Performance Food Group downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Brian Harbour downgraded Performance Food Group to Equal Weight from Overweight with a price target of $66, down from $74. Morgan Stanley stills believe Performance Foods is a good operator with a favorably skewed investment case and undemanding valuation, but it has more exposure to casual dining and pizza, which, at a headline level, could remain more challenged categories for now, the analyst tells investors in a research note. The firm is not expecting the company to underperform, but this might not be as much of an advantage as it was in the past.