Wells Fargo lowered the firm’s price target on Sysco (SYY) to $80 from $87 and keeps an Overweight rating on the shares. The firm notes the company’s Q3 update missed a low bar. The backdrop softened, but Sysco’s operational issues remain a key drag, Wells adds. Uncertainty is high, but the opportunity for an internal turnaround, building pressure on management, the model’s resiliency, and valuation keep the firm bullish.
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