Why United Natural Foods Stock Tumbled 10% Today
Natural and organic (and conventional, too) foods distributor United Natural Foods (NYSE: UNFI) is looking a bit beyond its sell-by date in Friday trading, having dropped more than 10% initially in response to a downgrade from analysts at investment bank Wells Fargo. As of 10 a.m. EST, the stock remains down 9.8%.
Why? This morning, Wells cut its rating on the foods distributor from "equal weight" to "underweight" (i.e., sell). The analyst's new price target -- $6 a share -- implies more than 33% downside to a stock that closed trading north of $9 a share yesterday.
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Source Fool.com