Fly News Breaks for August 2, 2019
Aug 2, 2019 | 04:53 EDT
BMO Capital analyst Kelly Bania downgraded Sprouts Farmers Market to Underperform from Market Perform and lowered her price target for the shares to $15 from $23. The outlook for small and regional grocers is becoming "increasingly challenging in a rapidly changing" digital food retail landscape, Bania tells investors in a research note. In this backdrop, the analyst sees limited options for Sprouts to turn around comps "absent continued earnings and valuation downside." The analyst is also concerned about the company's "high-margin" vitamin and supplements strategy in an "increasingly digital and price-transparent industry."
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