Sprouts Farmers Market (SFM): Sub-$20 Is a Good Entry Point - Guggenheim
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Guggenheim analyst, John Heinbockel, reiterated his Neutral rating on shares of Sprouts Farmers Market (NASDAQ: SFM) and continues to believe that SFM is well-positioned for solid secular sales and EBITDA growth on the back of share gains mostly from the conventional food retail trade channel.
The analyst stated "SFM offers a generally superior shopping experience which it should be able to sustain with ongoing investments. That said, these investments may materially weigh on profit growth over the next 2-3 quarters with a lesser impact thereafter. We remain Neutral-rated and in search of a compelling entry point—anything below $20 would make sense to us for more patient investors". The analyst cut 2017/2018 EBITDA estimates to reflect greater GM pressure.
Shares of Sprouts Farmers Market closed at $20.48 yesterday.
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