UPDATE: Deutsche Bank Upgrades Whole Foods Market to Overweight on EPS and Margin Growth

Deutsche Bank increased its rating on Whole Foods Market

from Equal-weight to Overweight and announced a price target of $110 on shares. Deutsche Bank said, "We see WFM shares continuing to grow on ~19% annual EPS growth to 2015. We expect 8%+ comp momentum, margin expansion and upside from returning rising cash balances to shareholders. Our new store density analysis shows a 15-year runway of 8-9% store growth ahead, which helps support valuation." Whole Foods Market closed at $92.91 on Thursday.