Chefs' Warehouse Inc
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Consumer Staples : Food & Staples Retailing | Small Cap Blend
Company profile

The Chefs' Warehouse, Inc. is a distributor of specialty food products in the United States and Canada. The Company operates through food product distribution segment, which is concentrated on the East and West Coasts of the United States. The Company is focused on serving the specific needs of chefs owning and/or operating some of the menu-driven independent restaurants, fine dining establishments, Country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores in the United States and Canada. Its product portfolio consists of imported and domestic specialty food products, such as artisan charcuterie, specialty cheeses, oils and vinegars, truffles, caviar, chocolate and pastry products. The Company also offers a line of center-of-the-plate products, including custom cut beef, seafood and hormone-free poultry, as well as food products, such as cooking oils, butter, eggs, milk and flour.

Price
Delayed
$13.29
Day's Change
-2.28 (-14.64%)
Bid
--
Ask
--
B/A Size
--
Day's High
14.13
Day's Low
13.16
Volume
(Heavy Day)

Today's volume of 645,719 shares is on pace to be much greater than CHEF's 10-day average volume of 541,404 shares.

645,719

Square stock gets an upgrade as Cash App enthusiasm keeps growing

11:10 am ET September 24, 2020 (MarketWatch)
Print

By Emily Bary

Analysts say Square has a smart monetization strategy and an advantage over the big banks

Square Inc. seems to be following the same playbook with its consumer-facing Cash App that it did with its merchant-oriented card-processing business, and that's one reason to be upbeat about its stock, according to Oppenheimer analyst Jed Kelly.

Read: Square to offer early access to earned wages for employees of its merchants (https://www.marketwatch.com/story/square-to-offer-early-access-to-earned-wages-for-employees-of-its-merchants-11600184721)

He upgraded shares of Square (SQ) to outperform from perform Thursday, arguing that the company could see an "equal level of success" with the Cash App as it did with its card-processing dongle in the early 2010s. The stock is up 1.5% in morning trading.

Kelly is optimistic about the company's ability to continue amassing a wide base of users by offering free peer-to-peer payment services and then finding ways to monetize those users with things like the Cash Card debit card and small fees for those who want to instantly transfer their funds to their bank accounts.

"We believe by reinvesting profits from prior Cash App cohorts, combined with its seller ecosystem, Square can develop significant network effects and products that will be challenging for other neo-banks to replicate in the digital wallet space," he wrote in his note to clients, while $185. Square estimates a $63 billion total addressable market for the Cash App.

Read: Venmo and Square's Cash App were going gangbusters before the pandemic -- now they're doing even better (https://www.marketwatch.com/story/venmo-and-square-cash-were-going-gangbusters-before-the-pandemicnow-theyre-doing-even-better-2020-06-18)

Separately, Mizuho analyst Dan Dolev also chimed in with a cheery view of the Cash App Thursday, calling the business "unstoppable" and writing that the service's total addressable market could double if Square got into new areas like small loans, insurance, and wealth management.

Dolev wrote that the company benefits from better unit economics than traditional banks or neobanks because the Cash App's peer-to-peer service enables it to more cheaply acquire new customers. Because of this, "Square does not need to recoup acquisition costs by offering mortgages like banks do," he said.

In Dolev's view, investors shouldn't worry about the sustainability of the Cash App's revenue growth because "new products like Cash Card are following similar trajectories of the successful Instant Deposit product." He maintained a buy rating and $225 price target on the stock.

Square shares have rallied 141% so far this year compared with near flat performance for the S&P 500 .

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 24, 2020 11:10 ET (15:10 GMT)

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