Sprouts Farmers Market (SFM) PT Lowered to $108 at UBS

UBS analyst Mark Carden lowered the price target on Sprouts Farmers Market (NASDAQ: SFM) to $108.00 (from $118.00) while maintaining a Neutral rating.

The analyst comments "Sprouts’ remarkable run of strong prints took a bit of a breather in 3Q, with its 5.9% comp missing our 7.3% estimate and the 7.4% consensus. We think the buy side was in the 7-8% range, per our conversations with investors. For the quarter, this represented a -260 bp sequential slowdown on a 2 year stack, leading to its softest reading on this metric (at 14.3%) since 3Q’24. SFM noted its SSS really started to drop off as it cycled a 10% comp from Sept 2024 (it comped up ~4% in Sept 2025) and a 13% comp in Oct 2024 (it comped up ~1% in Oct 2025). This presents a tough set up going forward, especially when considering SFM will be cycling three straight quarters of DD comp growth. On the positive side, Sprouts called out strength among its most differentiated, attribute driven offerings, and noted that it’s maintaining wallet share. Still, bears are cautious on signs of consumer softening, and see risk of incremental pricing pressure in categories like produce going forward. As comps slow and margin uncertainty builds in the near term, we expect for the stock to settle at a lower multiple. We move our PT to $108 from $118 alongside results."

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