Barclays Maintains Overweight Rating for Performance Food Group: Here's What You Need To Know

Barclays has decided to maintain its Overweight rating of Performance Food Group PFGC and raise its price target from $58.00 to $62.00.

Shares of Performance Food Group are trading down 0.9% over the last 24 hours, at $51.99 per share.

A move to $62.00 would account for a 19.25% increase from the current share price.

About Performance Food Group

Performance Food Group is the third-largest U.S. food-service distributor, with 9% market share and a heavy presence along the Eastern seaboard, the Southeast, and the Midwest. PFG's food-service business (expected to be 51% of fiscal 2022 sales) has its largest exposure to national and regional restaurant chains (50% of segment revenue), followed by independent restaurants (36%) and other channels (15%) such as healthcare facilities, hotels, and schools. The firm's Vistar business (49% of sales) is a national distributor of candy, snacks, and beverages to convenience stores, vending and office coffee service distributors, theaters, sporting arenas, and correctional facilities.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.