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Share prices for Whole Foods Market's stock hit a seven-year low on Wednesday, following a Wall Street analyst's downgrade of the stock to "under-perform."
While Wall Street has been a rough ride for many stocks, the natural/organic grocer's stock has fallen 15 percent since last Friday's close.
An analyst with Jefferies & Co. painted a negative picture for the grocer's stock due to the economy. "We anticipate a steep falloff in spending by Whole Foods' consumers who are under mounting pressure from declining asset prices and falling disposable income," Scott Mushkin wrote. The analyst lowered his earnings estimates, citing a "near lack of visibility" on consumer spending.
On Thursday, USB upgraded Whole Foods' stock from "Sell" to "Neutral." However, the grocer's stock still closed at almost the same price as it did on Wednesday.