Whole Foods still has a whole lotta problems.
Shares of Whole Foods (WFM) sank 5% Monday after an analyst downgraded the organic grocer to an "underperform" — a Wall Street euphemism for 'sell." The stock rebounded slightly Tuesday but is down nearly 15% this year and not far from its 52-week low.
Kelly Bania of BMO Capital Markets slashed her rating and price target for Whole Foods after conducting a survey of more than 1,000 Whole Foods customers. Her findings do not bode well for the company.
More than 70% of the respondents told Bania that they had not noticed any changes in prices in Whole Foods over the past three months — even though the company has touted its efforts to lower prices to be more competitive with supermarkets.
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