Sysco price target lowered to $82 from $84 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Sysco to $82 from $84 and keeps an Equal Weight rating on the shares. The new algorithm that targets 4%-6% top line and 6%-8% EBIT/EPS growth was “less than what investors may have been looking for to get bullish,” but the firm argues that “what’s more likely going on is that maybe the company is finally guiding conservatively after years of mixed success hitting targets.” A number of initiatives could help over-deliver and conservative guidance is “both wise at present, and seems to be better understood here,” the analyst added following the company’s investor day event.