US Foods (USFD) has started the year solidly but the stock has reached a "historic" high valuation, Morgan Stanley said in a note Thursday after its Q4 results.

"Fundamentals were solid here, not 10%+ better than expected, but about as expected in a clearly choppy quarter," the report said, adding that its guidance was about as expected.

The note said the stock is up over 30% year-to-date and now trading at about 13x EBITDA, a "historic" high for the stock and the multiple, the highest "we'd be willing to defend typically."

The report pointed to superior earnings growth, helped by share buybacks, has supported the rise and seems set to continue.

"We continue to skew positive on USFD, with our EW rating more about valuation and risk/reward skew," it said. EW refers to equal-weight.

Morgan Stanley raised its price target to $94 from $92.

Price: 99.89, Change: -2.10, Percent Change: -2.05