Goldman Sachs Downgrades Whole Foods Market (WFM) to Neutral

November 8, 2013 6:51 AM EST
Get Alerts WFM Hot Sheet
Price: $30.81 +0.13%

Rating Summary:
    7 Buy, 22 Hold, 10 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs downgraded Whole Foods Market (NASDAQ: WFM) from Buy to Neutral with a price target of $57.00 (from $66.00) on lower estimates but elevated valuation.

"While we still view WFM as a secular winner with continued opportunity for store growth and margin expansion, we are lowering our comp estimate to reflect the softer top-line trajectory relative to broader industry trends," analyst Stephen Grambling said. "Furthermore, with shares still trading at 34X our downwardly revised but above guidance NTM EPS estimate, we believe a Neutral rating is warranted and would look for a better entry point, all else being equal."

FY14/FY15 EPS estimates move to $1.71/$2.03 from $1.79/$2.19.

For an analyst ratings summary and ratings history on Whole Foods Market click here. For more ratings news on Whole Foods Market click here.

Shares of Whole Foods Market closed at $57.26 yesterday.

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