06:10 AM EDT, 05/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target price to $73 from $82 using an EV/EBITDA multiple of 9.6x on FY 25 (Jun.) adj-EBITDA estimate of $1,654M. We lower our FY 24 EPS to $4.22 from $4.43 and FY 25 EPS to $5.05 from $5.20. PFGC posted FQ3 (Mar-Q) adj-EPS of $0.80 (-3.6% Y/Y), $0.04 below consensus. Revenue of $13,858M (+0.6% Y/Y) was $330M below consensus. Adj-EBITDA grew 1.91% Y/Y to $320.7M vs. $326M consensus, with margin widening 3 bps Y/Y to 2.3%. PFGC's total case volume fell 0.2% Y/Y, while organic case growth also decreased 0.6% Y/Y. PFGC faced many challenges, including inclement weather in January, a volatile inflationary environment, and negative calendar shifts. Moreover, PFGC highlighted signs of consumer pressure, which led to negative top-line growth trends at both its Convenience and Vistar segments. However, we were still somewhat encouraged by PFGC's plans to gain market share and control costs, along with the recent rebound in inflation and independent case growth in the Foodservice segment.