UPDATE: Canaccord Reiterates Buy Rating, Lowers PT on Chefs' Warehouse

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on the Chefs' Warehouse CHEF, but lowered its price target from $24.00 to $19.00. Canaccord noted, “The stock is understandably under pressure on the results and with two consecutive guidance reductions (the first for deflation and now for the economic environment), the shares will likely need a quarter to consolidate as investor await a change in the beat/miss trend. Assuming no further deterioration in the consumer spending environment and thus CHEF's restaurant customers' traffic, the guidance and our new estimates look very appropriate and we have confidence in the forecasts. We maintain our BUY rating and see no change in the thesis, but certainly anticipate pressure on the valuation given that CHEF is valued as a growth stock and growth, at least in the near term, has moderated.” The Chefs' Warehouse closed on Tuesday at $16.15.