Piper Sandler lowered the firm’s price target on Sysco to $79 from $83 and keeps a Neutral rating on the shares following Q3 results. On a day that was filled with negative industry traffic commentary from several large restaurant chains, Sysco for its part reported organic case volume results that were below consensus, the firm notes. To management’s credit, gross margins were very good and in addition, the team has found additional cost out savings to protect the P&L, Piper adds. As a result, Sysco was able to reaffirm its Fiscal 2024 adjusted EPS guidance range of $4.20 to $4.40.
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Read More on SYY:
- Sysco: January restaurant traffic down high single digits vs. prior year
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- Sysco Corp Announces Leadership Reorganization and New Chair
- Sysco appoints CEO Kevin Hourican as chair of the board
- Sysco sees 2024 adjusted EPS $4.20-$4.40, consensus $4.32
