Natural Grocers (NGVC) PT Lowered to $14 at RBC Capital

RBC Capital lowered its price target on Natural Grocers (NYSE: NGVC) to $14.00 (from $15.00) while maintaining a Sector Perform rating ahead of the 3Q. Consensus is calling for a larger two-year comp acceleration (110bps) at NGVC than peer average (103bps), close to SFS and WFM (150bps and 130bps, respectively), despite being less exposed to the reflationary categories.

Analyst William Kirk lowered 3Q comp estimates to -1.0% (from -0.5%). This is directionally consistent with the two year acceleration SFS, SVU Retail, WFM, but is below consensus (-0.3%).

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