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Goldman Downgrades Whole Food on General Industry Trends

 (Image source: businessweek)

Whole Foods Market, Inc. (NASDAQ:WFM) was downgraded from buy to neutral by Goldman Sachs. The price target was also lowered to $57 a share from $66. Goldman cited general industry trends that will downwardly affect revenue growth going forward and relatively high valuation of the stock as reasons for the downgrade. As a result of the downgrade, Goldman removed Whole Foods from their coveted “Conviction Buy List”. However, the downgrade didn’t have an effect on the performance of Whole Foods stock, which is in the positive territory currently.