Deutsche Bank analyst Shane Higgins says JANA Partners' activist stake does not change his cautious view on Whole Foods Market. The analyst does not see any indication that the company's competitive environment is subsiding with the continued expansion of lower-cost competitors like Sprouts Farmers Market (SFM) and Trader Joes. Whole Foods is already addressing some of the items that JANA highlights, such as customer loyalty/analytics, Higgins tells investors in a research note. He keeps a Hold rating on Whole Foods with a $28 price target, but admits the shares could stay elevated as some shorts pare back.