US Foods Analysts Increase Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
US Foods Holding Corp (NYSE:USFD) reported a slight increase in Q3 sales but marginally missed analyst consensus estimates. Adjusted EPS exceeded expectations, and the company raised its FY23 adjusted EPS and EBITDA guidance. Following the earnings announcement, US Foods' stock price rose by 3%, and analysts at Morgan Stanley and Truist Securities increased their price targets for USFD, maintaining Overweight and Buy ratings respectively.
November 10, 2023 | 6:35 pm
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US Foods reported a 2.1% YOY sales growth in Q3, with adjusted EPS beating estimates. The company raised its FY23 guidance, and its stock price increased by 3%. Analysts at Morgan Stanley and Truist Securities raised their price targets for USFD.
The positive earnings report and raised guidance are likely to instill investor confidence, leading to a short-term positive impact on USFD's stock price. The stock's rise post-earnings and the increased price targets by analysts support this outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100