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Grocery Outlet initiated with a Neutral at Guggenheim. Prior to the open, Guggenheim analyst John Heinbockel initiated Grocery Outlet with a Neutral rating, stating that he believes the company is well positioned for 5-10 years of sales growth greater than 10% and deserves a premium valuation. However, with the shares up 55% since the IPO, he thinks the growth potential is reflected in the current valuation.

Grocery Outlet initiated with an Equal Weight at Morgan Stanley. Morgan Stanley analyst Simeon Gutman initiated Grocery Outlet with an Equal Weight rating and $30 price target, stating that while he views it as a core holding for long-term investors given its long runway growth in a defensive industry, the stock appears to be pricing in more EBITDA growth than he forecasts in the nearer-term.

Grocery Outlet initiated with an Outperform at Cowen. Cowen analyst Oliver Chen initiated Grocery Outlet with an Outperform as its agile off-price buying execution drives a strong value proposition and share gains leading to mid-teens net income growth. Chen has a $42 price target on Grocery Outlet shares.

Grocery Outlet initiated with a Buy at Jefferies. Jefferies analyst Randal Konik started Grocery Outlet with a Buy rating and $41 price target. The company's "high-growth" is still early innings and its financials are predictable and stable, Konik tells investors in a research note. He sees Grocery Outlet as the next national closeout/offprice retailer.

Grocery Outlet initiated with a Neutral at BofA/Merrill. BofA Merrill Lynch analyst Robert Ohmes initiated Grocery Outlet with a Neutral rating and $37 price target, stating that he is valuing it at a premium to the "uniquely positioned deep value retail group," citing its unique, hard-to-replicate model and " impressive" record of same-store sales growth. However, he also believes much of this is priced in at current share levels.

Grocery Outlet initiated with a Neutral at Goldman Sachs. Goldman Sachs analyst Christopher Prykull started Grocery Outlet with a Neutral rating and $32 price target, which implies 5% downside in the shares. Grocery Outlet is a unique, off-price grocery concept with mass market appeal, but the shares trade at a premium multiple relative to its high-growth retail peers, which leaves the valuation full, Prykull tells investors in a research note.

Grocery Outlet initiated with an Outperform at Telsey Advisory. Telsey Advisory started Grocery Outlet with an Outperform rating and $40 price target.