Barclays analyst Jeffrey Bernstein raised the firm’s price target on Sysco to $85 from $77 and keeps an Overweight rating on the shares. The analyst expects discretionary with the restaurant sector, namely casual dining and specialty, to continue to outperform in 2024. Sales are proving resilient and inflation is easing faster than menu pricing, the analyst tells investors in a research note. As we move through 2024, should persistent consumer headwinds lead to ultimate trade-down, defensive names will outperform, contends the firm. Barclays also believes foodservice distributors are well positioned in either scenario.
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