Whole Foods Market (WFM) PT Cut to $45 at SunTrust Robinson Humphrey; Maintains 'Buy'
SunTrust Robinson Humphrey analyst David Magee lowered his price target on Whole Foods Market (NASDAQ: WFM) to $45.00 (from $55.00) but maintained a Buy rating.
Magee commented, "WFM's 3Q EPS essentially met estimates, but comps were light. The NYC pricing "scandal" played a bigger role than expected in a late 3Q slowdown. Still, even adjusting for that, comps were ~1ppt shy of expectations due to cannibalization/deflation. We are adjusting numbers/PT to $45 ($55 prior), but point out that WFM showed strong earnings stability with those (temporary) headwinds. We continue to be encouraged by performance of new stores, and think "365" is non-event in near term. Buy on weakness, as any sales turn should prompt outsized stock reaction (as in last year's Nov release)."
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Shares of Whole Foods Market closed at $40.82 yesterday.