J.P. Morgan is initiating coverage of The Fresh Market, Inc. (NASDAQ:

) with a Neutral rating. “While we are big fans of the concept, management team, growth prospects, and upper-income niche – we believe the stock already discounts many of these favorable traits – trading at 33.3x our 2011E EPS of $1.08, or a 19.8% premium to Overweight-rated Whole Foods Market, Inc. (NASDAQ:

),” J.P. Morgan writes. “Recall since its IPO on November 4th, the stock has risen roughly 63.3% (SPX +1.6%). All told, our December 2011 price target is $33 and we will await a better entry point before getting involved on the long side.” The Fresh Market currently trades for $70.75.