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Why Did United Natural Foods (UNFI) Jump 40% Today?

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On Wednesday, shares of food wholesaler United Natural Foods (UNFI - Free Report) are soaring again, and were up around 40% in morning trading after it reported strong preliminary Q3 sales and profit numbers.

Combined with yesterday’s big move, UNFI has now doubled in just one week.

For Q3, revenue rose 12% to $6.67 billion, while earnings grew 54% year-over-year to $88 million, or $1.60 per share. Adjusted EPS came to $1.40 per share, also up significantly on a y-o-y basis. UNFI withdrew its prior outlook because of these strong preliminary numbers.

The company reports third-quarter results in early June, and said it would update its full-year 2020 guidance then.

Wells Fargo analysts also upgraded UNFI to equal weight from underweight and set the stock’s price target at $16 per share.

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