United Natural Foods price target lowered to $28 from $40 at Wells Fargo

Wells Fargo lowered the firm’s price target on United Natural Foods to $28 from $40 and keeps an Equal Weight rating on the shares. The firm notes the company provided a disappointing Q2 update, as it underestimated the difficult lap of procurement gains. Credibility takes a material hit, given the issue seems to have blindsided management, Wells adds. The firm sees further risk ahead and remains sidelined.