UPDATE: Goldman Sachs Initiates Coverage on Sprouts Farmers Market on Long-Term Growth Potential - Sprouts Farmers Market (NASDAQ:SFM)

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In a report published Tuesday, Goldman Sachs analyst Stephen Grambling initiated coverage on

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Sprouts Farmers Market

(NASDAQ: SFM) with a Neutral rating and $33.00 price target.In the report, Goldman Sachs noted, “We initiate coverage of Sprouts Farmers Market (SFM) – a rapidly growing value-oriented, specialty food retailer – with a Neutral rating and see 15% downside to our $33, 12-month price target. While we are attracted to SFM's long-term growth potential and competitive position, the market has quickly appreciated this growth with shares currently trading at 79X our NTM EPS estimates, a meaningful premium to the specialty peer group average of 42X (NGVC, TFM, and WFM). Therefore, we would await a better entry point to potentially become more constructive, all else equal.”Sprouts Farmers Market closed on Monday at $39.03.