Whole Foods' Forecast For 2011 Looks Promising

Citigroup has published a research report on Whole Foods Market, Inc. WFMI after the company reported strong 4Q upside and greater outlook for 2011. In the report, Citigroup writes "WFMI reported 4Q10 EPS of 33c vs. the FC est. of 28c, on revs of $2.1B vs. the FC est. of $2.07B. Results were driven by strong sales, higher GM excluding LIFO, lower direct store expenses driven by leverage over costs, and lower-than-expected pre-opening expenses." Citigroup maintains its Hold rating and has raised the price target to $48 from $41. Whole Foods Market closed yesterday at $41.07.