CHEF stock got its price target raised to $45 by Lake Street after the company reported impressive EPS and revenue beats.
Chefs’ Warehouse price target raised to $45 from $40 at Lake Street
Lake Street analyst Ben Klieve raised the firm’s price target on Chefs’ Warehouse to $45 from $40 and kept a Buy rating on the shares. The EPS and revenue beats offer evidence of the return of the foodservice sector, said Klieve, who believes the company is effectively navigating inflation and labor issues while having a number of internal and macro tailwinds. He recommends Chefs’ Warehouse as a core holding for institutional portfolios given what he considers to be improved visibility of strong growth in 2022 and beyond.
The Chefs’ Warehouse Reports Fourth Quarter 2021 Financial Results
On February 9, 2022, Chefs’ Warehouse, Inc. (NASDAQ: CHEF), a premier distributor of specialty food products in the United States and Canada, reported financial results for its fourth quarter ended December 24, 2021. Chefs’ Warehouse reported Q4 adjusted EPS of 26c versus the consensus estimate of 19c. The company reported Q4 revenue of $558.251M versus the consensus estimate of $508.22M.
“Revenue trends were strong in the fourth quarter as we saw continued growth in consumer confidence in dining out across our markets,” said Chris Pappas, Chairman and Chief Executive Officer of the Company. “December sales and business activity grew steadily as holiday customer traffic drove sequential volume increases commensurate with pre-COVID periods, even with a reduction in larger corporate parties and events.”
The Chefs’ Warehouse Acquires Capital Seaboard
On December 28, 2021, The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) announced that it has acquired substantially all of the assets of CGC Holdings, Inc., dba “Capital Seaboard”, based in Jessup, Maryland. Since its inception, Capital Seaboard has provided the finest produce and seafood to the Mid-Atlantic.
“We are very excited to welcome the Capital Seaboard team to the Chefs’ Warehouse family of companies,” said Christopher Pappas, Chairman and CEO of The Chefs’ Warehouse, Inc. “Our shared focus on quality and uncompromised service makes this a great combination that will benefit our customers throughout the Mid Atlantic region. Since inception in 1985, The Chefs’ Warehouse has been purveying high-quality, luxury, artisan, local and specialty products for many of the best chefs in America.”
“We are thrilled to be joining the Chefs’ Warehouse team,” said Larry Quinn, President of Capital Seaboard. “We appreciate that The Chefs’ Warehouse wanted to continue with the Capital Seaboard team in place and we couldn’t have chosen a better home for our valued employees or a better organization to support our customers and vendors.”
📺 The Chefs’ Warehouse – Who We Are
📉 CHEF Stock Technical Analysis
Both the short term and long term trends are neutral. Volume is considerably higher in the last couple of days, which is what you like to see during a strong movement up. CHEF is part of the Food & Staples Retailing industry. There are 47 other stocks in this industry, CHEF did better than 68% of them. CHEF is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so CHEF is lagging the market slightly.
There is support at 28.82 from a trend line in the daily time frame.
There is a resistance zone ranging from 36.67 to 36.67. This zone is formed by a combination of multiple trend lines in multiple time frames.
CHEF has an average technical rating and it also does not offer a high quality setup at the moment. CHEF stock has a Setup Rating of 0 out of 10. Prices have been extended to the upside lately. For a nice entry it is better to wait for a consolidation. Click here to sign up for email alerts on when CHEF stock consolidates and has a Setup Rating of 8 or higher.