UPDATE: Goldman Sachs Lowers PT on Whole Foods Market Following Stock Split

In a report published Tuesday, Goldman Sachs analyst Stephen Grambling reiterated a Buy rating on Whole Foods Market WFM, but lowered the price target from $115.00 to $58.00.

In the report, Goldman Sachs noted, “We are updating our EPS estimates to account for WFM's 2-for-1 stock split and updated share buyback assumptions to reflect the recent performance of the shares. We do not view these changes as material, and there is no change to our investment thesis, rating or price target. Our 12-month price target moves to $58 from $115 to account for the changes. Our methodology remains based on 29X F24-month EPS. Risks to our price target and view include macro induced same-store-sales upside/downside and margin impact from competition.”

Whole Foods Market closed on Monday at $51.86.