Performance Food Group Analysts Increase Their Forecasts After Q4 Results

Performance Food Group Co PFGC reported in-line earnings for its fourth quarter.

Performance Food Group reported fourth-quarter sales growth of 1.9% Y/Y to $14.87 billion, missing the consensus of $15.07 billion. Adjusted EPS increased 6.5% Y/Y to $1.14, in line with the consensus.

For FY24, PFGC expects net sales of $59 billion-$60 billion (consensus $59.97 billion)and adjusted EBITDA of $1.45 billion-$1.5 billion.

Performance Food Group shares gained 9.1% to close at $62.69 on Wednesday.

These analysts made changes to their price targets on Performance Food Group following earnings announcement.

• Stephens & Co. raised the price target on Performance Food Group from $68 to $75. Stephens & Co. analyst Joshua Long maintained an Overweight rating.
• Barclays boosted the price target on Performance Food Group from $74 to $76. Barclays analyst Jeffrey Bernstein maintained an Overweight rating.
• UBS raised the price target on Performance Food Group from $76 to $82. UBS analyst Mark Carden maintained a Buy rating.

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