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)."

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 $40.82 yesterday.

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