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WFM

Bought by AMZN

$33.06

-2.39 (-6.74%)

, AMZN

Amazon.com

$964.17

-12.3 (-1.26%)

12:34
06/16/17
06/16
12:34
06/16/17
12:34

Barclays upgrades Whole Foods on potential for bidding war

As previously reported, Barclays analyst Karen Short upgraded Whole Foods (WFM) to Overweight from Equal Weight and raised her price target on the stock to $48 from $38, telling investors that she would not be surprised to see a bidding war break out following Amazon's (AMZN) announcement of a takeover agreement. Short, who thinks a strategic retail buyer would generate up to $600M in synergies from a deal to buy Whole Foods, said bidders could include Kroger (KR), Target (TGT), and Wal-Mart (WMT), all of which may "have too much to lose not to bid."

WFM

Bought by AMZN

$33.06

-2.39 (-6.74%)

AMZN

Amazon.com

$964.17

-12.3 (-1.26%)

WMT

Walmart

$74.77

-4.1401 (-5.25%)

TGT

Target

$51.84

-3.62 (-6.53%)

KR

Kroger

$21.88

-2.68 (-10.91%)

  • 20

    Jun

  • 22

    Jun

WFM Bought by AMZN
$33.06

-2.39 (-6.74%)

06/16/17
LEHM
06/16/17
UPGRADE
LEHM
Overweight
Whole Foods upgraded to Overweight from Equal Weight at Barclays
Price target raised to $48 from $38.
06/16/17
JEFF
06/16/17
NO CHANGE
Target $39
JEFF
Buy
Jefferies does not expect higher bid for Whole Foods
Jefferies analyst Christopher Mandeville does not see a higher bid coming for Whole Foods (WFM) given the premium paid by Amazon.com (AMZN). The analyst believes the synergies from the deal are "unclear at this time." He also expects grocery stocks to remain under pressure following today's news. Further, United Natural Foods' (UNFI) relationship with Whole Foods is now "more questionable than ever," Mandeville tells investors in a research note.
06/16/17
RBCM
06/16/17
NO CHANGE
RBCM
Amazon deal shouldn't directly hurt foodservice distributors, says RBC Capital
RBC Capital said Amazon's (AMZN) deal for Whole Foods (WFM) should not have a direct negative impact on foodservice distributors such as Sysco (SYY), US Foods (USFD) and Performance Food Group (PFGC), noting that there is not enough dock space at Whole Foods to help the e-commerce giant service restaurant needs, though they do acknowledge that combo may take a "small share" from restaurant occasions.
06/16/17
BUCK
06/16/17
NO CHANGE
BUCK
United Natural Foods' Whole Foods contract will remain in place, says Buckingham
Buckingham said the selloff in United Natural Food's (UNFI) shares is due to concerns relating to the future of its contract with Whole Foods (WFM) following the acquisition by Amazon.com (AMZN). Upon the change of control, the firm's analyst said the contract will be transferred to Amazon, where it will remain in place until September 2015 and sees no near-term earnings impact to United Natural based on the transaction.
AMZN Amazon.com
$964.17

-12.3 (-1.26%)

06/16/17
OPCO
06/16/17
UPGRADE
Target $24
OPCO
Outperform
Opco sees Sprouts as possible next target, upgrades shares
Oppenheimer analyst Rupesh Parikh upgraded Sprouts Farmers Market (SFM) to Outperform from Perform with a $24 price target. The food retailer is down 8%, or $1.75, to $20.67 in morning trading. The selloff after Amazon's (AMZN) acquisition of Whole Foods (WFM) has created an attractive entry point, Parikh tells investors in a research note. Sprout's remains well positioned fundamentally on its own and there is "also takeout potential down the road," the analyst writes. He believes Sprouts "could be the next target out there" with Whole Foods getting bought.
WMT Walmart
$74.77

-4.1401 (-5.25%)

05/19/17
COWN
05/19/17
NO CHANGE
Target $83
COWN
Outperform
Wal-Mart e-commerce business remains in early innings, says Cowen
Cowen analyst Oliver Chen said Wal-Mart continues to execute in a difficult retail environment. He noted e-commerce sales were up 63% during the quarter and he believes they remain in the early innings. Chen believes Wal-Mart will continue to innovate and execute and thus reiterated his Outperform rating and $83 price target on Wal-Mart shares.
05/31/17
BARD
05/31/17
NO CHANGE
Target $85
BARD
Outperform
Wal-Mart e-commerce coming into focus, says Baird
Baird analyst Peter Benedict noted upcoming Wal-Mart events that will give the company the chance to provide a baseline on its e-commerce operation. The analyst noted the operation is beginning to show some encouraging signs despite profitability remaining in flux. He noted the upcoming shareholder's meeting and the Baird conference as two opportunities that are imminent. Benedict reiterated his Outperform rating and $85 price target on Wal-Mart shares.
06/15/17
NOMU
06/15/17
NO CHANGE
NOMU
Amazon.com price target raised to $1,100 from $975 at Nomura Instinet
Nomura Instinet analyst Anthony DiClemente says that Amazon's (AMZN) current valuation is "reasonable." The analyst says that, assuming the cloud business is worth $220B, based on a 2020 multiple similar to that given Microsoft (MSFT), while its Prime video business is worth $8B, or 12% of Netflix's (NFLX) current valuation, and its advertising business is worth $27B, or double his estimate of Snap's (SNAP) total valuation, the company's e-commerce business is only being valued at about $210B at current levels. Noting that Wal-Mart (WMT) is currently valued at $280B, the analyst says that Amazon's valuation "is not excessively strencthed." DiClemente raised his 2020 EV/EBITDA multiple for the cloud business to 14x from 13.5x, noting that SAP (SAP), Oracle (ORCL) and Microsoft (MSFT) all had higher multiples at similar points in their histories. The analyst raised his target multiple for Amazon's North America e-commerce business to 13x from 12x, which he says is in-line with Wal-Mart's mean multiple from 1992-2001. He raised his price target on Amazon to $1,100 from $975 and keeps a Buy rating on the stock.
06/16/17
06/16/17
NO CHANGE

Pacific Crest calls Amazon deal a 'turning point' in fight with Wal-Mart
Amazon's (AMZN) agreement to acquire Whole Foods (WFM) marks a "significant step" in its push into physical retail and a "turning point" in the company's battle against Wal-Mart (WMT), Pacific Crest analyst Edward Yruma tells investors in an intraday research note. The deal gives Amazon attractively located stores, a very strong brand, and "credibility" within food retail, added Yruma.
TGT Target
$51.84

-3.62 (-6.53%)

03/01/17
BERN
03/01/17
NO CHANGE
BERN
Dollar General unlikely to be affected by Target price cuts, says Bernstein
Bernstein analyst Brandon Fletcher says that Dollar General's (DG) stock fell due to worries about Target's (TGT) price cuts. however, Fletcher does not believe that there is significant overlap between the two companies' customer base or between their geographic markets, so he does not expect Dollar General to be signficantly affected by Targets moves. The analyst keeps a $91 price target and an Outperform rating on Dollar General.
05/17/17
BARD
05/17/17
NO CHANGE
Target $55
BARD
Neutral
Target Q1 results a positive step, but visibility still low, says Baird
Baird analyst Peter Benedict said Target's Q1 earnings beat was "a step in the right direction," but he adds that the bar was low and visibility remain limited. Week-to-week results remain volatile and driving positive comps remains the key for a re-rating of the stock, contends Benedict, who keeps a Neutral rating and $55 price target on Target shares.
05/09/17
CLVD
05/09/17
NO CHANGE
CLVD
Neutral
Target Q1 comps likely ahead, but outlook remains cautious, says Cleveland
Cleveland Research analyst Scott Bender said Target sales appear to have improved in Q1 against easier comps and sees upside to consensus comp expectations for the quarter. However, the channel outlook remains cautious as there are concerns that EDLP could hurt sales, and the merchandising re-organization could cause disruptions. Bender has a Neutral rating on Target.
03/01/17
WOLF
03/01/17
DOWNGRADE
WOLF
Underperform
Target downgraded to Underperform from Peer Perform at Wolfe Research
KR Kroger
$21.88

-2.68 (-10.91%)

06/16/17
BARD
06/16/17
NO CHANGE
Target $72
BARD
Outperform
Amazon deal for Whole Foods a 'mild negative' for Vantiv, says Baird
Baird analyst David Koning believes Whole Foods (WFM) could be about 0.15-0.2% of Vantiv's (VNTV) revenue, making the deal for the grocer to be acquired by Amazon (AMZN) a "mild negative" for Vantiv. Vantiv may trade down today following that news and the guidance cut from Kroger (KR), which Koning estimates accounts for about 1% of Vantiv's revenue. However, he likes Vantiv shares given its valuation and potential for rising estimates and keeps an Outperform rating and $72 price target on the stock.
06/16/17
GUGG
06/16/17
NO CHANGE
GUGG
Performance Food added to Best Ideas List, Kroger removed at Guggenheim
06/16/17
06/16/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Nike (NKE) downgraded to Neutral from Overweight at JPMorgan with analyst Matthew Boss saying his work suggests Nike's sales in North America are likely to get worse before getting better. 2. Kroger (KR) downgraded to Neutral from Buy at Goldman Sachs, to Neutral from Overweight at JPMorgan, and to Market Perform from Outperform at Telsey Advisory. 3. Booz Allen (BAH) was downgraded to Neutral from Buy at BofA/Merrill, to Hold from Buy at Vertical Research, and to Market Perform from Outperform at Raymond James. 4. Square (SQ) downgraded to Neutral from Outperform at Credit Suisse with analyst Paul Condra saying the shares at current levels are fully valued. 5. Noble Corp. (NE) downgraded to Neutral from Buy at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/16/17
RBCM
06/16/17
NO CHANGE
RBCM
Kroger risk/reward 'favorable,' says RBC Capital
After Kroger lowered its fiscal 2017 EPS guidance. RBC Capital analyst William Kirk says that the company's increased investments in prices and labor are "alarming." However, the analyst notes that the company still had positive ID sales so far this quarter, and he thinks that it will benefit from the closure of a number of competing stores. He says that the stock's risk/reward ratio is positive, and he keeps an Outperform rating on the stock.

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