UPDATE: Benchmark Lowers PT on The Pantry from $24.50 to $20

Benchmark has published a report on The Pantry, Inc PTRY lowering the price target. In the report, Benchmark wrote, "Despite the light revenues and promotional activity to introduce higher margin food items, we believe management continues to move in the right direction. Established new store formats in Raleigh continue to perform well, with mid single digit comps, food comps up 20%, and even gallon comps positive. A stark contrast to the Company average. There should be 400 stores converted by year end. Management's focus at the pump, improving profitability per gallon versus volume, continues to show positive results." Benchmark rated The Pantry a BUY with a price target lowered from $24.50 to $20.00. The Pantry closed Tuesday at $11.90.