Sprouts Farmers Market (SFM) PT Raised to $96 at JPMorgan

JPMorgan analyst Ken Goldman raised the price target on Sprouts Farmers Market (NASDAQ: SFM) to $96.00 (from $77.00) while maintaining a Neutral rating.

The analyst comments "Following earnings — see our initial take (“SFM Produce-s Best Comps in Nine Years”) — we raise our estimates and price target. 2024E EPS go to $3.36 from $3.11 and 2025E to $3.78 from $3.43. We introduce 2026E of $4.21; note that we believe 4Q26 will have an extra week. We establish a December 2025 price target of $96; our previous December 2024 target was $77. At this point, with the stock up well over 200% since the start of 2022, it’s fair to say that most of the sell side has whiffed on Sprouts (us included): Per Bloomberg there are only two Buy/Overweight ratings out of 16. We still don’t have a great valuation argument for more upside, and thus we stay Neutral, but this has been our refrain for years now; it hasn’t prevented both earnings and the multiple from climbing higher. As long as investors continue to see upside to EPS, they’ll probably keep bidding this name up, regardless of how we may perceive fair value."

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