Performance Food Group downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Brian Mullan downgraded Performance Food Group (PFGC) to Neutral from Overweight with a price target of $90, down from $92, following the fiscal Q2 report. The new price target implies only 3% upside from current levels, which leads Piper to view the risk/reward as more balanced at current levels, hence the rating change, the analyst tells investors in a research note. The firm is a little less optimistic around the state of restaurant industry traffic for the first half of 2025.