US Foods Holding hits 2-year high as Morgan Stanley upgrades to "overweight"

US Foods Holding

20/06/2023 16:19

** Shares of food distributor US Foods Holding  USFD.N  rise
as much as 2% to a two-year high of $42.46 
    ** Brokerage Morgan Stanley upgrades stock to "overweight"
from "equal-weight"; raises PT to $54 from $46, reflecting a
~30% upside to price as of last close
    ** Morgan Stanley analyst Brian Harbour sees "potential for
new initiatives" after recent management changes following a
settlement with activist investor Sachen Head Capital Management
last year
    ** Dave Filtman was appointed CEO in November, replacing
Pietro Satriano after the settlement
    ** In May, co beat Wall Street profit estimates for the
third straight quarter, helped by improved inbound logistics,
pricing 
    ** 11 of 14 brokerages rate the stock "buy" or higher and 3
"hold"; their median PT is $70
    ** Up to Friday's close, stock had risen ~22% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))