Analyst Kelly Bania of BMO Capital weighed in on Whole Foods Market, Inc. (NASDAQ:WFM), expanding on her bearish sentiments for the grocery store chain after analyzing survey results.

The survey revealed no significant change in price perception, digital coupon use, and Instacart. However, customer satisfaction for Whole Foods shoppers remains high despite an FDA-warning letter and cost-cutting measures in stores. The analyst remains concerned about the company’s comps, pointing to competition. In turn, this poses a risk to the company’s valuation.

Bania reiterates an Underperform rating for the company with a $23 price target.

According to TipRanks, 4 analysts are bullish on the company, 4 are neutral, and 2 are neutral. The average 12-month price target between these 10 analysts is $34, marking a slight downside from current levels.