Evercore ISI upgraded Sprouts Farmers Market to Outperform from In Line with a price target of $120, up from $96. The analyst cites the company’s “comp and margin levers” for the upgrade following a meeting with management. Sprouts appears well positioned to benefit from a healthy eating wave, trade in for at home meal solutions, and “differentiated” attribute-based merchandising, the analyst tells investors in a research note. The firm says Sprouts’ “unique” products minimize Walmart overlap while appealing to “well healed health enthusiasts.”
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