Sysco Price Target Slashed by Piper Sandler After Surprise $29.1 Billion Restaurant Depot Acquisition

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':"";if(r){var a=n.promos.showYahooLogo?"":"yns-no-logo";r=r.replace("{notifOnboardBtnLabel}",n.promos.notifOnboardBtnLabel).replace("{notifOnboardMsg}",n.promos.notifOnboardMsg).replace("{subscriptionTopic}",n.promos.subscriptionTopic).replace("{noLogoClass}",a).replace("{promoLogo}",n.promos.promoLogo)}var s=t.newCount>n.panel.maxCount?t.newCount:"",c=n.panel.notificationCenterPath,l=c?"":R,u=n.panel.headerMsg?"":" "+R,d=c?U:"",p=void 0;t.count?p=t.markup:p='{emptyPanelMsg}'.replace("{emptyPanelMsg}",n.panel.emptyPanelMsg);return e=e.replace("{notifMarkup}",p).replace("{promoMarkup}",r).replace("{hideClass}",l).replace("{notifCenterLink}",c).replace("{paddingClass}",d).replace("{headerMsg}",n.panel.headerMsg).replace("{hideHeaderClass}",u).replace(/{notificationCenterNavMsg}/g,n.panel.notificationCenterNavMsg).replace(/{newCount}/g,s)}},{key:"render",value:function(e,t){var n=this;if(n._panelNode){var o=void 0,i=n._panelNode,r=void 0,a=void 0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',a=n._store.getNotifications(),r=n._generatePanelMarkup(o,a),i.innerHTML=r;break;case"error_panel":r=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=r}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),j=function(){function e(t,n,o){E(this,e);var i=this;i._store=n,i._view=o,i._config=t;var r=i._config.panel;i._panelParentNode=document.querySelector(r.parentSelector),i._badgeNode=i._config.badge.selector&&document.querySelector(i._config.badge.selector),i._indicatorNode=r.indicatorSelector&&document.querySelector(r.indicatorSelector)}return C(e,[{key:"createPanelParentNode",value:function(){this._view.createPanelParentNode(this._panelParentNode),this._notifPanelNode=document.getElementById(P)}},{key:"refreshPanelNode",value:function(e,t){var n=this;M(n._notifPanelNode,B),n._store.fetchNotifications(e,(function(e,o){var i=window.wafer&&window.wafer.base;i&&i.destroy(n._notifPanelNode),e?n._notifPanelNode.innerHTML||(n._view.render("error_panel"),M(n._notifPanelNode,B)):(n._view.render("expanded_panel"),n._view.updateBadgeNode(n._badgeNode),n._showBadge(),n._showIndicator(),n._view.addStyles(o.css)),I(n._notifPanelNode,B),i&&i.sync(n._notifPanelNode.parentNode),t&&t(e,o)}))}},{key:"resetBadge",value:function(){var e=this;e._store.resetNewCount(),e._view.updateBadgeNode(e._badgeNode),M(e._badgeNode,e._config.badge.hideClass)}},{key:"_showIndicator",value:function(){this._indicatorNode&&(this._store.getNotifications().newCount?M(this._indicatorNode,this._config.panel.indicatorClass):I(this._indicatorNode,this._config.panel.indicatorClass))}},{key:"_showBadge",value:function(){var e=this;e._store.getNotifications().newCount?I(e._badgeNode,e._config.badge.hideClass):M(e._badgeNode,e._config.badge.hideClass)}}]),e}(),F={promos:{eligibleBodyClass:"display-push-promos",enableNotifOnboard:!0,bypassEligibleClassCheck:!1,notifOnboardBtnLabel:"Notify Me",notifOnboardMsg:"Get alerts for breaking news and top stories",promoLogo:"https://s.yimg.com/cv/apiv2/ae/news/circle_bell.png",showYahooLogo:!0,subscriptionTopic:"gondor_homerun_news"},badge:{hideClass:"",maxCount:5,selector:""},panel:{emptyPanelMsg:"You have no new 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n=e.getConfig();if("smartphone"===n.device){if("finance"===n.property&&"crunch"===n.ytheme&&e.addElementListener(t.searchInput,"click",(function(){var n,o;n="search_input_focus_click",null!==(o=ae())&&(oe[n]||(oe[n]=o)),e.addElementListener(t.searchForm,"click",(function(){if(t.ybar){if(t.ybar.classList.contains("ybar-searchbox-assist-fullscreen"))return;t.ybar.classList.add("ybar-searchbox-assist-fullscreen"),t.ybar.classList.add("ybar-searchbox-assist-fadein")}if(!document.documentElement.classList.contains("ybar-overlay")){document.documentElement.classList.toggle("ybar-overlay"),document.body.classList.add("ybar-overlay-noscroll");te("ybar","websrch","",{elm:"expand",subsec:"searchbox",itc:"1"})}}))})),e.addElementListener(t.searchBoxPlaceholder,"click",(function(){zt(e,t)})),e.addElementListener(t.searchBoxPlaceholder,"keydown",(function(n){var 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n,o,i,r=e.getConfig();if(t.ybar&&["desktop","tablet"].includes(r.device)&&(null===(n=r.bucketConfig)||void 0===n?void 0:n.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){t.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=t.searchForm)||void 0===i||i.classList.add(Ft[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Ft.overlay,Ft[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(t.searchForm,"focusout",(function(e){if(t.searchForm&&t.searchInput){var n=e.relatedTarget;n&&!t.searchForm.contains(n)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,o),Vt(e,o),o.searchGradientBorder){var i=!1;o.searchInput.addEventListener("keydown",(function(e){var 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market reaction and Piper Sandler’s cautious stance signal investor skepticism about Sysco’s ability to manage integration risks and de-leverage while suspended share buybacks reduce shareholder returns in the near term, though management projects meaningful EPS accretion and cost synergies if execution succeeds.If you're focused on picking the right stocks and ETFs you may be missing the bigger picture: retirement income. That is exactly what The Definitive Guide to Retirement Income was created to solve, and it's free today. Read more hereSysco Corporation (NYSE:SYY) stock took a hit when the company announced a $29.1 billion deal to acquire Restaurant Depot on March 30. The market didn't love it, and Wall Street analysts are starting to weigh in. Piper Sandler is among the first to formally revise its outlook, and the firm isn't holding back.Piper Sandler lowered its price target on Sysco stock to $77 from $83 while keeping a Neutral rating on the shares. The firm said it was "quite surprised" by the announcement, signaling this deal caught even seasoned observers off guard.TickerCompanyFirmActionOld RatingNew RatingOld TargetNew TargetSYYSyscoPiper SandlerPrice Target CutNeutralNeutral$83$77Piper Sandler isn't a fan of this transaction. The firm noted that this view appears to align with the broader market's reaction, given the sharp sell-off in Sysco stock following the announcement.If you're focused on picking the right stocks and ETFs you may be missing the bigger picture: retirement income. That is exactly what The Definitive Guide to Retirement Income was created to solve, and it's free today. Read more herePiper Sandler thinks the market reaction was fairly rational and wouldn't be a buyer on this pullback. That's a pointed statement for a firm maintaining a Neutral rating rather than stepping to an outright downgrade.The concern here is straightforward: size and debt. Sysco plans to take on $21 billion in new debt, pushing net leverage to around 4.5x at closing. That's a significant jump for a company with a current market cap of $35.02 billion.Sysco shares fell roughly 8% premarket on the announcement and are now down 13.5% over the past month. The share repurchase program has also been paused to prioritize de-leveraging, removing a key source of shareholder returns in the near term.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersPLTR Palantir Technologies Inc. 140.76 -9.31 (-6.20%)APLD Applied Digital Corporation 27.79 +2.61 (+10.37%)BTC-USD Bitcoin USD 71,546.68 +1,634.92 (+2.34%)F Ford Motor Company 12.18 +0.66 (+5.73%)GOOG Alphabet Inc. 314.74 +10.81 (+3.56%)PortfolioSign in to access your portfolioSign inTop gainersAXTI AXT, Inc. 53.18 +7.72 (+16.98%)HUT Hut 8 Corp. 61.43 +8.77 (+16.65%)USAR USA Rare Earth, Inc. 16.78 +2.14 (+14.62%)RIOT Riot Platforms, Inc. 16.11 +1.92 (+13.53%)VSEC VSE Corporation 210.90 +25.01 (+13.45%)Top losersAPA APA Corporation 38.75 -4.21 (-9.80%)VG Venture Global, Inc. 14.44 -1.55 (-9.69%)YARIY Yara International ASA 28.29 -2.66 (-8.59%)MUR Murphy Oil Corporation 39.10 -3.64 (-8.52%)SSL Sasol Limited 12.46 -1.14 (-8.38%)Most activeINTC Intel Corporation 58.95 +6.04 (+11.42%)NVDA NVIDIA Corporation 182.08 +3.98 (+2.23%)HOLX Hologic, Inc. 76.01 0.00 (0.00%)NOK Nokia Oyj 9.44 +0.59 (+6.67%)AAL American Airlines Group Inc. 11.41 +0.60 (+5.55%)Top economic eventsEarnings eventsMy earnings eventsEarnings events