UPDATE: Deutsche Bank Cuts PT to $40 on The Fresh Market; Traffic Declines Cause Uncertainty

Deutsche Bank maintained The Fresh Market TFM with a Hold rating and lowered the price target from $54.00 to $40.00. Deutsche Bank said, "4Q was a tough finish to the year, as traffic fell off sharply and mgmt could not really pin-point the cause. Guidance was below expectations, with EPS and store openings more back-end weighted. TFM shares have come down 36.2% since just prior to 3Q results on 11/27 (vs. +10.2% S&P). Nonetheless, with traffic turning down sharply in 4Q and limited visibility into 1Q-to-date trends, we view current levels of 25x our FY13 EPS estimate as fair." The Fresh Market closed at $38.42 on Wednesday.