Performance Food Group price target raised to $115 from $100 at Wells Fargo

Wells Fargo analyst Edward Kelly raised the firm’s price target on Performance Food Group (PFGC) to $115 from $100 and keeps an Overweight rating on the shares following a “strong” Q4 update. The firm noted that continued momentum translated to EPS and EBITDA beats compared to consensus in Q4. Wells Fargo added that industry demand has improved, but Performance Food Group was the standout and share gain remained robust. Deal probability with US Foods (USFD) continues to drop following management’s comments on the company’s Q4 earnings conference call, but deal probability is likely still not zero, according to the firm.