Pivotal Research analyst Ajay Jain downgraded United Natural Foods to sell from Hold and cut his price target for the shares to $8 from $14. The stock closed yesterday down 8.5% to $13.73. The potential for more disappointment remains following “continued operational setbacks” related to the Supervalu acquisition, Jain tells investors in a research note. Further, in addition to a “rapidly declining” earnings outlook, United Natural’s leverage remains very high at 6.2 times EBITDA, the analyst adds. He points out that the company’s latest guidance cut is the equivalent of $63M in fiscal EBITDA based on the mid-point of the revised range.