Jefferies Lower Whole Foods Market (WFM) PT to $50 Following 1Q

Jefferies maintains a Hold rating on Whole Foods Market (NASDAQ: WFM) and lowers the price target to $50 (from $56) after WFM comps return to 2014 lows. Despite the value-focused concept announcement by WFM, Jefferies believes comp headwinds could continue to cause trouble.

Jefferies analyst Mark Wiltamuth commented on WFM saying, "2Q15 comps started at 5.1% and slid all the way to 2.4% before bouncing back to 2.8% in the last 5 weeks. Cannibalization from new stores in Chicago and Florida, competition from other grocers and weather disruptions were cited as issues. With new Chicago openings continuing one per month through the end of the year, we expect the cannibalization headwind to persist."

For an analyst ratings summary and ratings history on Whole Foods Market click here. For more ratings news on Whole Foods Market click here.

Shares of Whole Foods Market closed at $47.72 yesterday.

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