Goldman Raises PT On Whole Foods Market To $58

Goldman Sachs has published a research report on Whole Foods Market, Inc. WFMI after the company beat GS estimates during its first quarter of 2011. In the report, Goldman writes "Since reporting 4Q10 results, WFMI's shares will have increased roughly 23% based on the last trade post-close. However, management's revised FY11 guidance has only moved up 5% at the midpoint. As a result, WFMI's shares will now trade at over 30X NTM EPS versus the 5-yr average NTM PE of 27X. While the company continues to demonstrate improving relevancy with consumers and better execution across the P&L, we believe WFMI's premium valuation already reflects an upside scenario even relative to management's increased outlook." Goldman Sachs maintains its Neutral rating and has raised the price target from $52 to $58. Whole Foods Market closed yesterday at $53.75.