Fresh Market (NYSE:TFM) was downgraded by investment analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $50.00 price objective on the stock, up from their previous price objective of $40.00. Goldman Sachs Group Inc.’s price objective would indicate a potential upside of 25.09% from the stock’s previous close.
The analysts wrote, “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%.”
Shares of Fresh Market (NYSE:TFM) traded down 1.36% on Tuesday, hitting $39.43. The stock had a trading volume of 815,642 shares. Fresh Market has a 52 week low of $36.51 and a 52 week high of $62.04. The stock has a 50-day moving average of $51.03 and a 200-day moving average of $50.86. The company has a market cap of $1.901 billion and a P/E ratio of 27.76.
Fresh Market (NYSE:TFM) last issued its quarterly earnings data on Thursday, November 21st. The company reported $0.23 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.26 by $0.03. The company had revenue of $364.50 million for the quarter, compared to the consensus estimate of $378.60 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Fresh Market in a research note to investors on Friday. They now have a $48.00 price target on the stock, down previously from $58.00. Separately, analysts at Raymond James cut their price target on shares of Fresh Market from $60.00 to $53.00 in a research note to investors on Friday. Finally, analysts at BMO Capital Markets cut their price target on shares of Fresh Market from $60.00 to $55.00 in a research note to investors on Friday. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $53.50.
The Fresh Market, Inc, (NYSE:TFM) is a specialty retailer.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.