UPDATE: Jefferies Initiates Coverage on Whole Foods Market on Positive Forecast

In a report published Tuesday, Jefferies analyst Mark Wiltamuth initiated coverage on Whole Foods Market (NASDAQ: WFM) with a Buy rating and $70.00 price target.

In the report, Jefferies noted, “Whole Foods is riding 7-10% organic food industry growth and we see it delivering 20-22% long-term EPS growth (with upside potential) driven by strong comps and a long runway of 8-9% store growth. The company has emerged from the recession as a more disciplined retailer, with a greater focus on its pricing, cost control, and capital discipline.”

Whole Foods Market closed on Monday at $59.15.