United Natural Foods price target lowered to $16 from $20 at Wells Fargo

Wells Fargo analyst Edward Kelly lowered the firm’s price target on United Natural Foods to $16 from $20 and keeps an Equal Weight rating on the shares. The firm notes the company delivered a Q1 beat against a low bar. Margins showed signs of progress, but industry trends remain weak and continue to cloud the outlook ahead, says Wells. The stock is cheap, but the firm remains sidelined.