United Natural Foods Inc, (NASDAQ: UNFI) was beaten like a rented mule last night in after hours trading after an earnings disappointment and an earnings warning. The company is not yet seeing any leverage or efficiencies from a merger. Shares this morning will be trading at roughly a four or five year low.
Goldman Sachs is out with a research note this morning that is technically an upgrade. The brokerage firm is removing this from its Americas Sell List, although the "raised rating" is only a new "neutral" rating. The stock is now well below Goldman Sachs prior $24 target and this noted "historically low valuations" in the call.
This was just added to the Americas Sell List on January 7, 2008, so the calls on this one would at least be considered timely.
Jon C. Ogg
February 22, 2008
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