US Foods downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Brian Mullan downgraded US Foods (USFD) to Neutral from Overweight with a price target of $103, up from $85. The firm calls the downgrade a valuation driven and risk/reward based decision post the company’s Q4 report. Even after introducing fiscal 2028 estimates and rolling the stock’s long-term valuation framework forward by one year, Piper “can’t stretch” US Foods’ model much further here, the analyst tells investors in a research note.