S&P Equity Research Reiterates 'Buy' Rating on Whole Foods (WFMI)
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S&P Equity Research reiterates a 'Buy' rating on Whole Foods (Nasdaq: WFMI).
S&P analyst, J. Agnese, says, "Mar-Q EPS of $0.35, excluding $0.06 dilution from Wild Oats acquisition, vs. $0.32, is in line with our expectations. Comp-store sales growth of 6.7% was below our 8.3% projection, we believe because consumer spending pressures may be weighing on demand. Pre-opening and relocation costs below our forecasts helped offset increased margin pressure from acceleration of sq. ft. growth. We are lowering our FY 08 (Sep.) EPS estimate by $0.05 to $1.37 as we reduce our sales growth expectations. Based on revised comparative and P/E analyses, we cut our target price by $11 to $38."
Whole Foods Market, Inc. (Whole Foods Market) owns and operates a chain of natural and organic foods supermarket.[SM]
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