CL King analyst Andrew Wolf downgraded United Natural Foods to Neutral from Buy without a price target. United Natural Foods reported a significant Q2 earnings miss and cut its earnings guidance, the analyst tells investors in a research note, adding that the firm thinks the disinflation-driven gross margin pressures that caused the Q2 earnings miss will likely persist for three more quarters. CL King expects "meaningfully down" earnings in the next three quarters unless United’s cost structure is quickly lowered, which is viewed as more of an immediate-term likelihood. The firm sees an upturn in earnings beginning in 2Q24.
Published first on TheFly
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