Sysco Shares Rise on Earnings Beat
By Patrick Thomas
Sysco Corp. (SYY) shares rose 3.6% to $72.54 after it reported better-than-expected fourth-quarter earnings Monday.
The Houston-based food-service company posted a profit of $535.8 million, or $1.03 a share, compared with $448.9 million, or 85 cents a share, a year earlier.
The company reported adjusted earnings of $1.10 a share, above the $1.06 analysts polled by FactSet were expecting. Revenue rose 1% to $15.47 billion.
Analysts at BMO Capital Markets raised their price target to $80 a share and gave the stock an outperform rating.
Write to Patrick Thomas at email@example.com