NEW YORK (TheStreet) -- Fresh Market (TFM) shares were downgraded to "underperform" from "neutral" by analysts at Stern Agee on Wednesday.
Company shares are down -6.5% to $33.50 in pre-market trading.
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The firm set the company's price target to $29, suggesting a 19% drop from the stock's closing price on Tuesday.
Analysts praised the company for extending store hours in an attempt to improve same-store sales, but also noted the move suggests stiff competition from rivals Whole Foods (WFM) and Sprouts (SFM).
Separately, TheStreet Ratings team rates FRESH MARKET INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FRESH MARKET INC (TFM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and premium valuation."