Market Overview

UPDATE: Cantor Fitzgerald Downgrades SYSCO Corporation to Sell on Valuation

Share:
Related SYY
Watch These 7 Huge Put Purchases In Wednesday Trade
Benzinga's Top Initiations

In a report published Friday, Cantor Fitzgerald analyst Ajay Jain downgraded the rating on SYSCO Corporation (NYSE: SYY) from Hold to Sell, but reiterated the $28.00 price target.

In the report, Jain noted, “Since we are not prepared to materially raise estimates at this time, we don't have reasonable basis to maintain a HOLD rating at current levels. We note that Sysco is heading into a more critical period in 2H:13 with the ERP rollout during which cost savings are expected to significantly offset the incremental spending related to the project. Additionally, the stock has outperformed the S&P 500 by 630 bps following what was widely viewed as a disappointing earnings report by Sysco on Feb. 4. We are hard pressed to identify any key fundamental drivers behind the recent stock performance.”

SYSCO Corporation closed on Thursday at $35.02.

Latest Ratings for SYY

DateFirmActionFromTo
Jul 2016Deutsche BankInitiates Coverage onHold
Jun 2016Bank of AmericaInitiates Coverage onNeutral
May 2016Credit SuisseMaintainsOutperform

View More Analyst Ratings for SYY
View the Latest Analyst Ratings

Posted-In: Cantor FitzgeraldAnalyst Color Downgrades Analyst Ratings

 

Related Articles (SYY)

View Comments and Join the Discussion!