UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT for The Fresh Market

In a company alert published earlier today, Deutsche Bank AG reiterated its Hold rating for the Fresh Market TFM and raised its price target from $45.00 to $49.00. Deutsche Bank went on to say “TFM printed a solid 1Q beat & FY12 guidance Raise, which they really needed to support a 37x P/E multiple, in our view. The strength/quality was broad-based. To this end, the +8.2% comp was the best in years and was led by traffic (+5.7%), which is encouraging. Also, GPM was much better-than-expected, while core SG&A levered nicely, helped by lower store-level compensation. FY12 EPS guidance was raised. Net, a solid, clean print for TFM, which is also a nice lateral read for Whole Foods.” The Fresh Market closed yesterday at $48.86.