Whole Foods Market (WFM) PT Cut to $29 at Jefferies

Jefferies analyst Mark Wiltamuth reiterated a Hold rating and cut its price target on Whole Foods Market (NASDAQ: WFM) to $29.00 (from $33.00) following weak Q4 results as competition intensifies.

Wiltamuth commented, "WFM reported a 4Q shortfall on -0.2% comps and a sharp decline in margins. Comps have fallen to -2.1% QTD reflecting heightened competition in natural/organics. Mgmt. plans to sacrifice price/margin, cut $300M in costs, emphasize differentiation, invest in digital and will execute a new $1B leveraged share buyback in 1H16. F16 looks to be a year of pain with initial guidance of "at least $1.50" falling far short of cons. of $1.76."

The firm cut FY 2016 EPS from $1.74 to $1.57.

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 $30.76 yesterday.

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