Thursday, May 13, 2010

$WFMI Whole Foods JP Morgan Research Overweight

ID's Accelerating + New CEO Structure = NT + LT Positives, Stay Overweight

We continue to take the other side to the bear case on WFMI (only 4 sell-side Buys + 9% short interest) and could see the stock moving into the mid-$40 range post a very solid 2Q print (after the close yesterday; 5/12). 4 important points: First, EPS came in well ahead of expectations ($0.39 vs. Street @ $0.34/JPM @ $0.38) and management meaningfully boosted its full-year outlook by ~10% (see details below).

Whole Foods

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