Wells Fargo analyst Edward Kelly raised the firm’s price target on United Natural Foods (UNFI) to $37 from $36 and keeps an Equal Weight rating on the shares. The firm says Q1 came in better with Natural strength and stronger gross margins, partially offset by softer Conventional trends. Wells sees timely investor day next week as an opportunity to convey the durability of recent progress vs. a choppy backdrop. The firm views risk/reward as balanced.
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