UPDATE: Deutsche Bank Reiterates on The Fresh Market Following 3Q Results Miss

In a report published Friday, Deutsche Bank analyst Karen Short reiterated a Buy rating on The Fresh Market TFM, but lowered the price target from $58.00 to $48.00. In the report, Deutsche Bank noted, “3Q missed (EPS of $0.23 vs. our/Consensus of $0.26) and FY13 EPS guidance was lowered $0.08. Certainly, 3Q results were disappointing. However, after listening to the call, we walk away believing the miss was a more function of October weakness and not driven by any change in the competitive landscape, as many investors feared. In fact, GPM (+41 bps y/y) was much better than expected, though was offset by SG&A de-leverage (+56 bps).” The Fresh Market closed on Thursday at $50.40.