CHEF - Chefs' Warehouse is a top pick at BTIG with underlying trends strong

BTIG reiterated a Buy rating on Chefs' Warehouse (NASDAQ:CHEF +2.2%) and kept it slotted as a Top Pick on its view that sales trends remained healthy in April and May. Analyst Peter Saleh said that in addition to a positive read from Black Box Intelligence on the strength in the fine dining category, the Knapp Track High-End Steak category continues to post double-digit sales gains, and high-single-digit growth in traffic. "We believe increased mobility, desire for more experiential dining, as well as return to office, conferences, and corporate entertainment could lead to EBITDA outperforming our raised estimates." The firm also has additional acquisitions by CHEF listed a potential share price catalyst this year. BTIG assigned a price target of $46, which works out to a 15.0X EV/EBITDA multiple to the 2023 adjusted EBITDA estimate. Shares of CHEF swapped hands early on Wednesday at $36.53 vs. the 52-week range of $25.60

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Chefs' Warehouse is a top pick at BTIG with underlying trends strong