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.
Published first on TheFly
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