Sysco downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Lauren Silberman last night downgraded Sysco (SYY) to Hold from Buy with a price target of $84, down from $90. The shares could be range bound in the near-term given the overhang from the pending Restaurant Depot acquisition, the analyst tells investors in a research note. The firm also sees limited upside to estimates on Sysco’s core business, which it thinks is necessary to improve investor sentiment. Sysco “could be in deal purgatory” near-term as investors work through the rationale and assess credibility of the acquisition, contends Deutsche Bank.