UPDATE: Jefferies Raises PT to $59, Maintains Buy on United Natural Foods Following Strong Report and Outlook

Jefferies reiterates its Buy rating on United Natural Foods UNFI and raises its price target from $53 to $59. Jefferies notes, "UNFI continues to benefit from strong trends in natural/organic, coupled with market share gains, solid execution and cost control, all of which look to continue. In addition, the likelihood that gross margin sees less pressure from business mix shift next year, continued strength in sales and expense control are all suggestive of an improving margin outlook as well." UNFI closed at $51.20 on Tuesday.