BMO Capital upgraded United Natural Foods (UNFI) to Outperform from Market Perform with a price target of $36, up from $25. The company’s network optimization strategy is working, the analyst tells investors in a research note. The firm believes United Natural is seeing better than expected customer retention, which provides visibility the company can meet or exceed its EBITDA growth targets. United ‘s recent cyber breach is “masking” its strong underlying business momentum, contends BMO.
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