UPDATE: JP Morgan Downgrades The Fresh Market to Neutral

JP Morgan reduced its rating on The Fresh Market

from Overweight to Neutral with a reiterated $61 price target. JP Morgan commented, "Although we are still as positive as ever on the fundamental growth story, and we continue to expect earnings to grow over 20% in coming years, at some point valuation has to factor into our rating. The stock has increased 55% since the start of the year (vs. SPX +8%) and the stock's 41x NTM P/E and 16x EV/EBITDA are now ~9x and ~3x above those of Whole Foods, respectively, differences that may be a bit big for our taste at the moment." The Fresh Market closed at $59.69 on Thursday.