UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Whole Foods Market
In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on Whole Foods Market (NASDAQ: WFM), and slightly raised its price target from $109.00 to $110.00.
Piper Jaffray noted, “We are updating our WFM model to more accurately reflect the 52 week FY13 calendar. As a result, we now expect FY13 EPS of $2.90 and are increasing our price target to $110 from $109 to reflect our higher EBITDA estimate (16x FY13 EV/EBITDA is unchanged). Of note, management expects 16%-17% earnings growth in FY13 which is still slightly greater than our revised estimate.”
Whole Foods Market closed on Thursday at $97.04.
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