Whole Foods Market, Inc. Initiates Loyalty Program

Oppenheimer had positive comments about Whole Foods Market, Inc. WFM after visiting its Princeton, New Jersey location this past weekend, where Whole Foods is piloting a new loyalty card pilot program.

The rewards card will allow consumers to earn points at the Princeton store that can be used to redeem products online.

While Oppenheimer was encouraged by the initial list of products that can be redeemed for points, they also note the profit impact is unclear. They state shares have struggled lately due in part to competitive pressures that have weighed on new customer acquisition and expect the shares to remain range-bound between $35 and $40 for now.

Oppenheimer has an Outperform rating and $45 price target. Shares of Whole Foods traded recently at $37.56, down 0.3 percent.