UBS analyst Mark Carden downgraded United Natural Foods to Neutral from Buy with a price target of $32, down from $48. The analyst sees challenges for the company from lapping higher than anticipated procurement and inventory gains in the year ago period. United needs to invest in its systems to better track inventory gains going forward, the analyst tells investors in a research note. The firm believes the company will likely face profitability headwinds in the second half of 2023 as it cycles past "significant" procurement gains. It finds the stock’s risk/reward as balanced at current levels.
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Published first on TheFly
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