UPDATE: Goldman Sachs Lowers PT on United Natural Foods on Costs and Labor Dispute
In a report published Wednesday, Goldman Sachs maintained its Neutral rating and lowered its price target on United Natural Food (NASDAQ: UNFI) from $58 to $51, citing softer sales growth and limited flow through.
Goldman Sachs reported that, “UNFI reported a noisy F2Q13: EPS fell below GS/consensus estimates, but were largely in-line when excluding costs related to a union labor dispute. Additionally, management revised its adjusted FY13 EPS guidance to $2.15-$2.21 from its prior $2.14-$2.24, but the new range includes a greater impact of the labor dispute. Shares traded down 4.8% on the day vs. the S&P 500 up 0.6% as the market reacted to softening top-line trends and was unwilling to look through the one-time expenses."
United Natural Foods shares at $50.45 on Tuesday.
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