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|  | FEBRUARY 15, 2005
 WORD ON THE STREET JP Morgan Cuts Performance Food Analyst Stephen Chick says the food distributor's valuation is not supportive while the SEC informal investigates certain accounting practices JP Morgan cuts Performance Food Group (PFGC ) to underweight from overweight. Analyst Stephen Chick says the investigation surrounds certain accounting practices at one of its Broadline units. He notes the company indicates earnings guidance is still on track, which coupled with aforementioned information, hopefully means issues are isolated and that amounts involved are inmaterial. However, he says it is difficult to take management at face value, while credibility has been questioned before. Also, an informal SEC inquiry could turn formal. He says the valuation doesn't look supportive, given inherent risks. Therefore, he downgrades the stock until the dust settles.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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