In a research note titled "Collateral Damage," Deutsche Bank analyst Shane Higgins says JANA Partners' activist stake in Whole Foods Market (WFM) puts United Natural Foods (UNFI) "in the crosshairs." JANA wants Whole Foods to "diversify away from its existing primary wholesale distribution partner," which is United Natural Foods, Higgins tells investors in a research note. The stock closed yesterday down 8% to $39.47 after JANA confirmed its stake in Whole Foods. Higgins does not anticipate any changes to United Natural's supply agreement with Whole Foods, but he expects more investors to scrutinize it. "At the very least, the idea that JANA could potentially shake-up the long-term WFM-UNFI relationship should empower UNFI Bears," the analyst writes. He notes that United Natural accounted for 32% of Whole Foods' total purchases in FY16. Higgins keeps a Hold rating on United Natural with a $46 price target.