UPDATE: Jefferies Color On WFMI Downgrade

Jefferies, which downgraded shares of Whole Foods Market, Inc. (NASDAQ: WFMI), is providing some color on the stock.

“Our proprietary research including vendors, competitors and a store survey all suggest upside to sales has become more limited,” Jefferies writes. “Indeed, while Whole Foods' customer tends to be more upscale, they apparently have not been completely immune to the surge in everyday expenses. This seems to be limiting additional sales acceleration, something we believe is needed to push the stock meaningfully higher.”

Whole Foods Market closed Friday at $62.76.