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Confidence fades in United Natural Foods

  • Bank of America Merrill Lynch weighs in on the weak quarter posted by United Natural Foods (UNFI -25.3%).
  • "UNFI ended a challenging year with F4Q adj EBITDA that was below forecast due to margin pressures. Core sales were also soft," notes the BAML team.
  • The firm expects another challenging year for UNFI and lowers its FY20 EBITDA estimate to $512M from $529M. The price objective goes to $4 (6X the FY21 EBITDA estimate of $556M), which represents a drop of over 50% for shares. The consensus sell-side PT on UNFI is still at $8.96.

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United Natural Foods, Inc.