Natural foods supermarket chain Whole Foods Market, Inc. (WFM) on Wednesday caught some bullish commentary from analysts at Cantor Fitzgerald.
The firm initiated coverage on WFM with a “Buy” rating and $104 price target, suggesting an 8.7% upside to the stock’s Tuesday closing price of $95.68.
A Cantor Fitzgerald analyst commented, “Recent execution has been flawless, in our opinion, reflecting strong comps, continued improvements in shrink, lower occupancy costs, and strong leverage of direct store expenses. The prospects for further earnings beats and another FY:12 guidance raise are likely, in our view. With WFM executing at the highest level in its operating history, the underlying earnings power from existing operations and improved profitability for new stores is still not fully appreciated, in our view.”
Whole Foods shares posted small losses in premarket trading Wednesday.
The Bottom Line
Shares of Whole Foods Market (WFM) have a .59% dividend yield, based on last night’s closing stock price of $95.68. The stock has technical support in the $90 price area. The shares are trading at all-time highs.
Whole Foods Market, Inc. (WFM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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