Citi Lowers Estimates and Target Price on WFM

Wednesday, June 4, 2014, Citi reported that it was lowering its estimates on

and target price. Citi analyst Gregory R. Badishanian accredited the lowering due to Whole Foods Market posting a miss in, same store sales and earnings per share for the second-quarter of the 2014 fiscal-year. Badishanian lowered the target price to $41.00 from $55.00 and stated, "Given updated guidance and trends (including weaker than expected SSS and reduced EPS guidance), we lower our FY14-16 EPS ests by 9c, 19c, and 30c each, respectively. Lowering tgt px by $14 to reflect our lower EPS forecast and a lower target multiple." Whole Foods Market shares were up 1.78 percent from the previous day close of 37.71 and closed today at 38.38.