Benchmark upgraded its valuation peg for The Chefs' Warehouse, Inc. (NASDAQ: CHEF) on Thursday, raising its price target to $84.00 from $79.00 and retaining a Buy stance on the specialty food distributor's shares. The new target sits close to the high end of the analyst range, which spans $66 to $85, and sits alongside an overall analyst consensus the research firm described as a Strong Buy.
The adjustment to Benchmark's target reflects the introduction of new estimates - the firm added quarterly projections for fiscal year 2026 as well as annual estimates for fiscal year 2027. Benchmark said its FY27 adjusted EBITDA starting estimate is $302 million, and the $84 target is derived from applying a 14x multiple to that initial EBITDA figure. That FY27 adjusted EBITDA estimate implies a 9% year-over-year increase from the prior period.
Benchmark also noted that The Chefs' Warehouse's fourth quarter of 2025 "tracked in line" with the firm's earlier expectations, with no surprises reported in the company's performance for the period. The research note highlighted what it called "strong and highly visible underlying momentum" in the business as a primary reason for maintaining a positive outlook.
The company’s recent operating results provide context for the analyst commentary. The Chefs' Warehouse reported third-quarter 2025 revenue of $1.02 billion, a 10% increase compared with the prior year and ahead of the consensus estimate of $986 million. Benchmark and other analysts attributed that growth to several operating drivers the company reported: organic case growth of 3.2%, unique customer growth of 2.6%, and placement growth of 5.3%.
Looking ahead, The Chefs' Warehouse issued a preliminary financial outlook for fiscal 2026 that projects net sales in a range of $4.35 billion to $4.45 billion, and gross profit between $1.053 billion and $1.076 billion. Benchmark reiterated its Buy rating in part because it expects the company to deliver growth in revenue, gross profit and adjusted EBITDA for fiscal 2026 that will outpace its algorithm-based expectations.
Other broker activity has followed the company’s recent results. Morgan Stanley raised its price target on Chefs' Warehouse to $76.00 and maintained an Overweight rating after describing the performance as a "beat and raise." Benchmark said meetings with senior management increased its confidence in the firm’s estimates, reinforcing the upward revision to its target.
Collectively, the analyst updates and the company's preliminary guidance underscore a continued growth trajectory and a generally positive reception among equity analysts. That said, the revisions are grounded in newly introduced fiscal estimates and management discussions that Benchmark said bolstered its conviction.