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UPDATE: Goldman Sachs Downgrades The Fresh Market Following Disappointing 3Q Results

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In a report published Tuesday, Goldman Sachs analyst Stephen Grambling downgraded the rating on The Fresh Market (NASDAQ: TFM) from Buy to Neutral, and lowered the price target from $59.00 to $43.00.

In the report, Goldman Sachs noted, “We are downgrading TFM to Neutral from Buy following disappointing 3Q results. Our initial thesis had hinged on TFM seeing a multiple re-rating back to historical levels as new store productivity concerns proved temporary and the company demonstrated it could still grow EPS 20%+. However, we now believe TFM's expansion into more competitive markets will weigh on results and rising costs could further pressure ROIC. As such, we expect the current multiple compression to persist, leaving more limited upside, which drives our Neutral rating. Since adding TFM to the Buy list on February 18, 2013, the shares are -14% vs. the S&P 500 +19%.”

The Fresh Market closed on Monday at $39.97.

Latest Ratings for TFM

DateFirmActionFromTo
Apr 2016Credit SuisseTerminatesNeutral
Apr 2016Stephens & Co.DowngradesOverweightEqual-Weight
Mar 2016Morgan StanleyUpgradesUnderweightEqual-Weight

View More Analyst Ratings for TFM
View the Latest Analyst Ratings

 

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Posted-In: Goldman Sachs Stephen GramblingAnalyst Color Downgrades Analyst Ratings

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