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Sysco price target lowered to $88 from $94 at Credit Suisse
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Sysco price target lowered to $88 from $94 at Credit Suisse

Credit Suisse lowered the firm’s price target on Sysco to $88 from $94 and keeps an Outperform rating on the shares. The firm notes Sysco delivered a mixed Q3 print, with top line & GP beats offset by elevated opex. Given the slowdown in industry trends and lower inflation, Sysco is now guiding full year 2023 EPS to the low end of its $4-$4.15 range. For fiscal 2024, Credit Suisse suspects Sysco will guide below its prior outlook. While the firm acknowledges near-term industry and company-specific headwinds, it believes Sysco has levers to enhance top-line and flow-through, and given Sysco’s relatively resilient model and current valuation, Credit Suisse thinks Sysco offers a favorable risk/reward.

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