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Performance Food Group initiated with a Buy at Citi

Citi analyst Karen Holthouse initiated coverage of Performance Food Group with a Buy rating and $121 price target The firm views the North America food distributor industry backdrop favorably, saying restaurant wallet share is a likely “buffer” to macro risks while the sector has limited tariff risk. Citi sees Performance Food Group (PFGC) and US Foods (USFD) as “firmly in positive feedback loops,” with growth driving leverage and operating efficiencies that can be used to spur future growth. It is still too soon to own Sysco (SYY) for easier compares and an inflection in independent restaurant sales, the analyst tells investors in a research note.

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