Jocelynn Drake (jdrake@sir-inc.com) The relatively new shares of Fresh Market (TFM) have caught the attention of Wall Street this morning, as several brokerage firms have started coverage of the company. Bank of America-Merrill Lynch initiated coverage at a "buy," while JPMorgan and Goldman Sachs have awarded the stock a "neutral" rating. BMO gives the stock a "market perform" rating, while RBC rates the stock a "sector perform." On the other hand, Morgan Stanley weighed in with an "overweight" rating of the shares.
TFM operates about 95 full-service upscale specialty grocery stores in some 20 U.S. states, from Florida to Wisconsin, according to Hoover's. As the name suggests, the chain specializes in perishable goods, including fruits and vegetables, meat, and seafood. The stores average 21,000 square feet, about a third to half the size of a conventional supermarket. However, customers won't find the nonfood items sold in most grocery stores these days, such as cleaning and cooking supplies.
Technically speaking, the shares have gained more than 11% since they started trading in early November. The stock is sitting on support at its rising 20-day moving average, but has recently dropped below its 10-day moving average, which is now capping the shares.
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