Sysco price target lowered to $86 from $87 at UBS

UBS analyst Mark Carden lowered the firm’s price target on Sysco (SYY) to $86 from $87 and keeps a Buy rating on the shares. Sysco’s Q2 continued to demonstrate best in class performance in its national business, but it’s still struggling to generate the same kind of results in local, though it provided several encouraging data points that suggest it’s positioned to improve from here, the analyst tells investors in a research note. The firm expects the industry to see more sequential improvement next quarter, and trends should improve further when cycling past negative growth in late spring.