Apr. 30 at 7:48 PM
Morgan Stanley stays bullish The Chefs’ Warehouse, calls Middle East concerns ‘excessive’
In a Wednesday note to clients, Morgan Stanley reiterated its overweight rating on specialty food distributor The Chef’s Warehouse
.
Analyst Brian Harbour lifted his price target for the stock to
$83 from
$76, implying an upside of 10% from where shares closed on Wednesday. The company reported a first-quarter adjusted earnings and revenue beat on Wednesday morning.
“Concerns over the Middle East warranted, but perhaps excessive,” Harbour wrote. “Against concerns about the Middle East business, which seems better than feared, CHEF ran well ahead in 1Q, beating across the board while also noting momentum continuing QTD. Prior guidance remains in place, though we flow the beat through here.”
$CHEF