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

Related CHEF
Top 4 NASDAQ Stocks In The Food Wholesale Industry With The Lowest PEG Ratio
Top 4 NASDAQ Stocks In The Food Wholesale Industry With The Lowest PEG Ratio

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on The Chefs Warehouse (NASDAQ: 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.

Latest Ratings for CHEF

DateFirmActionFromTo
Dec 2014JP MorganInitiates Coverage onNeutral
Nov 2014Canaccord GenuityMaintainsHold
Nov 2014JefferiesMaintainsBuy

View More Analyst Ratings for CHEF
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Price Target Analyst Ratings

 

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