Sprouts Farmers Market price target raised to $78 from $58 at Roth MKM

Roth MKM raised the firm’s price target on Sprouts Farmers Market to $78 from $58 and keeps a Neutral rating on the shares after its Q2 earnings beat. The company’s performance was driven by the 30% e-commerce growth and accelerating brick & mortar performance, while its gross margin expanded 80bps over prior year, the analyst tells investors in a research note. Other retailers have faced a discretionary and value-seeking headwind, but Sprouts has been largely insulated through its unique assortment, the firm added.