Performance Food Group Company (PFGC) stock forecast and price target

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This edition features our second-quarter China outlook; our thoughts on whether the U.S. will avoid a financial crisis; food-service distributors; and earnings notes from McDonald's Facebook, and Apple.

This edition features the energy sector's prospects after a period of great turmoil; opportunities in or global coverage amid the downturn; our top defense picks; and notes from Performance Food Group, Corteva, and new coverage Bausch Health.

Performance Food Group is the third-largest U.S. food-service distributor, with 7% market share and a heavy presence along the Eastern seaboard, the Southeast, and the Midwest. PFG’s food-service business (69% of pro forma sales) has its largest exposure to national and regional restaurant chains (52% of segment revenue), followed by independent restaurants (27%), and other channels (20%) such as retail, hospitality, and education. The firm’s Vistar segment (31% of pro forma sales) is a national distributor of candy, snacks, and beverages to vending and office coffee service distributors, convenience stores, theaters, sporting arenas, and correctional facilities.