Sprouts Leading Fresh Grocer Group Higher; Wedbush Started Coverage With Outperform
Shares of Sprouts Farmers Market (NYSE: SFM) are the sole name in the Fresh or Organic Grocer sector which traded in positive territory for a majority of Thursday's session. Traders are attributing strength in the stock to some bullish comments from Wedbush analyst Kurt Frederick earlier this morning.
Frederick initiated coverage on a number of names in the group:
- Sprouts with an Outperform rating and $37 price target;
- Whole Foods (NASDAQ: WFM) with a Neutral and $40 target;
- The Fresh Market (NASDAQ: TFM) with a Neutral and $34 target; and
- Natural Grocers by Vitamin Cottage (NYSE: NGVC) with a Neutral and $19 target.
(Click the names of the companies above to find a full-length report on each new rating.)
While Sprouts shares are now trading down a few pennies to $30.86, the stock traded as high as $31.10 earlier, up more than six percent. Elsewhere in the sector, shares of Whole Foods are down about 1.9 percent to $39.05, shares of The Fresh Market are down 1.4 percent to $33.96 and shares of Natural Grocers by Vitamin Cottage are down more than four percent to $17.93.
Latest Ratings for SFM
|Aug 2016||Northcoast Research||Downgrades||Buy||Neutral|
|Aug 2016||JP Morgan||Maintains||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.