Performance Food Group price target raised to $87 from $72 at Piper Sandler

Piper Sandler raised the firm’s price target on Performance Food Group to $87 from $72 and keeps an Overweight rating on the shares following quarterly results. For the quarter, adjusted EBITDA of $346M came in at the upper end of management’s guidance, and above consensus. With that said, there was undoubtedly some consternation as the Fiscal Q3 guidance for $310M-$330M of adjusted EBITDA was below the consensus estimate of $340M, which is a rare occurrence for the company, Piper says.