Roth MKM downgrades United Natural Foods after ‘large’ earnings miss

Roth MKM analyst Bill Kirk downgraded United Natural Foods to Neutral from Buy with a price target of $34, down from $63. The company reported a "large" earnings miss and lowered its fiscal 2023 guidance while removing fiscal 2024 targets, the analyst tells investors in a research note. The firm says that while United Natural’s revenue generation has met its expectations, profitability and visibility "have fallen way short." It cites the earnings "reset" and an inability to predict expenses for the intraday downgrade. The stock in midday trading is down 28% to $29.70.