US Foods upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Jeffrey Bernstein upgraded US Foods to Overweight from Equal Weight with a price target of $43, up from $34. 2022 was a "tumultuous year" for the company with an activist leading to new board members and a CEO departure, all compounding a pandemic and likelihood of a recession, Bernstein tells investors in a research note. However, looking ahead, a new CEO was named, the board is united, and opportunities for market share and margin gains are "large," while the stock’s valuation is "compelling," contends the analyst.