Goldman Raises PT On Whole Foods Market To $58

Goldman Sachs has published a research report on Whole Foods Market, Inc. (NASDAQ: WFMI) after the company beat GS estimates during its first quarter of 2011.

In the report, Goldman writes "Since reporting 4Q10 results, WFMI's shares will have increased roughly 23% based on the last trade post-close. However, management's revised FY11 guidance has only moved up 5% at the midpoint. As a result, WFMI's shares will now trade at over 30X NTM EPS versus the 5-yr average NTM PE of 27X. While the company continues to demonstrate improving relevancy with consumers and better execution across the P&L, we believe WFMI's premium valuation already reflects an upside scenario even relative to management's increased outlook."

Goldman Sachs maintains its Neutral rating and has raised the price target from $52 to $58.

Whole Foods Market closed yesterday at $53.75.