UPDATE: Deutsche Bank Initiates Coverage on Whole Foods Market with Buy Rating, $70 PT on Market Leader Position

In a report published Thursday, Deutsche Bank analyst Karen Short initiated coverage on Whole Foods Market WFM with a Buy rating and $70.00 price target. In the report, Deutsche Bank “We are initiating coverage of WFM with a Buy rating and a $70 PT. WFM is the leading retailer in the high-growth natural/organic grocery industry. Aside from its dominance, WFM is taking share (and should continue to do so) because it is a best-in-class retailer with limited credible competition – and as WFM continues to narrow the price gap through targeted price investments, we believe share gains will accelerate. Concurrent with share gains, ROIC has significantly improved and should continue to do so. Given the strong correlation between ROIC trends and the share price, we expect WFM shares to move higher, along with ROIC.” Whole Foods Market closed on Wednesday at $58.33.