UPDATE: Goldman Sachs Initiates Coverage on United Natural Foods with Neutral Rating, $57 PT

In a report published Monday, Goldman Sachs Group initiated coverage on United Natural Foods UNFI with a Neutral rating and $57.00 price target. Goldman Sachs noted, “We initiate coverage of United Natural Foods Inc. (UNFI) with a $57, 12-month price target (1% upside). UNFI is the leading distributor of natural, organic, and specialty food products in the US and Canada, making it well positioned to benefit from secular tailwinds that we anticipate will drive 8% industry growth for the next decade. In addition, UNFI has several avenues of growth to outpace the industry, including new products and customers. However, with the stock trading in line to other growth peers in Food and at a premium to our Food & Dollar group average, we would await a better entry point to become more constructive, all else equal.” United Natural Foods closed on Friday at $56.17.