Wall Street firms take some shots at Whole Foods

Whole Foods Market (WFM +1.4%) looks richly valued to Raymond James & Associates and Goldman Sach has shifted to a Neutral stance with "better opportunities" out there for investors.

Shares of WFM trade at 35X forward earnings and competition is heating up in the organic grocery space with Trader Joe's, Sprouts Farmers Market, The Fresh Market, and new names active.

Though the company is discounting and entering new markets, the brand is suffering a bit from its reputation (Whole Paycheck) of being overpriced.

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