RBC Capital Cuts Price Target on Sprouts Farmers Market (SFM) to $31; Reiterates Outperform
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RBC Capital maintained an Outperform rating on Sprouts Farmers Market (NASDAQ: SFM), and cut the price target to $31.00 (from $33.00). Sprouts lowered its 3Q and FY16 guidance ahead of presenting at a competitor conference to reflect persistent deflationary pressures and intensified promotional environment. Sprouts also announced a new $250m share buyback authorization expiring on December 31, 2017.
Analyst William Kirk commented, "While we still consider the deflationary pressures facing Sprouts and the industry to be transitory (PPI deflation leading CPI deflation), the depth and duration of the cycle have surprised us. As long as Sprouts is gaining transaction share and growing basket volume, we believe upside will be strong when inflation returns. We reiterate our Outperform rating while lowering our price target to $31 from $33."
Shares of Sprouts Farmers Market closed at $19.42 yesterday.
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