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Food Retail:Updating TFM and WFM Models and Price Targets;Maintaining Neutral Ratings

研究机构:摩根大通(亚太) 研究员:摩根大通(亚太)研究所 发布时间:2015-10-16

We are updating our estimates and establishing December 2016 pricetargets for The Fresh Market (TFM - Neutral) and Whole Foods (WFM –Neutral). Our view on the food retail sector remains largely unchanged: 1)We continue to believe that prices at specialty grocers (especially TFMand WFM) are too high; and 2) We look for continued share gains forlarge conventional grocers (most notably KR) that have reshaped theirstore layouts and product offerings. That said, we would not be surprised ifcomps were to improve a bit for both TFM and WFM, as each lapsrelatively easy Y/Y comparisons.

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