UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on The Fresh Market on Cautious Unit Growth Outlook

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In a report published Friday, Jefferies analyst Mark Wiltamuth reiterated a Hold rating on

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The Fresh Market

(NASDAQ: TFM), but lowered the price target from $36.00 to $35.00.In the report, Jefferies noted, “Following a tough earnings season for specialty grocers, TFM provided refreshing 1Q14 results as both comps and EPS were better than we had feared (EPS in-line with cons.). While encouraging, we are not ready to call for a return to the valuation days of over 25x as competitive pressures on comps should linger and management's cautionary tone on its long-term unit growth outlook was discouraging. Maintain Hold; $35 PT.”The Fresh Market closed on Thursday at $28.70.