09:44 AM EDT, 10/27/2025 (MT Newswires) -- Chefs' Warehouse ( CHEF ) is positioned to sustain above-industry growth as its specialty focus continues to drive sales and margin gains, Morgan Stanley said in a note Monday.

The investment firm said Chefs' Warehouse ( CHEF ) has delivered roughly 20% annual revenue growth since 2019 and is expected to maintain an 8% compound annual growth rate through 2028.

Morgan Stanley said the company's specialty product mix and ongoing supply chain and technology investments should lift margins over time.

The firm cited exposure to cyclical downturn in fine dining, rising competition from broadline distributors, and acquisition integration as key risks but said overall fundamentals remain solid.

The company is due to report Q3 results before market open on Wednesday.

Morgan Stanley initiated coverage of Chefs' Warehouse ( CHEF ) with an overweight rating and a $75 price target.

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