Pivotal Research analyst Ajay Jain assigned a Sell rating to SpartanNash Co (NASDAQ: SPTN) today and set a price target of $15. The company’s shares opened today at $18.56, close to its 52-week low of $16.32.
Jain noted:
“We have seen broad-based market share declines by SPTN in retail during the latest quarter. As we’ve summarized in this note, that as SPTN has closed under- performing stores in a number of legacy Nash Finch regions over the past year there has also been a significant increase in competitive store openings in key markets (by Aldi in particular). A positive for SPTN in 1Q18 is that it will cycle the Caito acquisition and comparisons should start to improve with respect to Kitchen rollout. The military segment is also showing some signs of stabilization. The outlook for retail and the distribution segments remain pressured overall. We reiterate our SELL. While the near-term headwinds for SPTN are well understood, the stock still remains at a premium to both Kroger (BUY) and Supervalu (BUY).”
According to TipRanks.com, Jain is a 2-star analyst with an average return of 1.6% and a 47.2% success rate. Jain covers the Services sector, focusing on stocks such as Walgreens Boots Alliance, Performance Food Group, and US Food Holdings Corp.
SpartanNash Co has an analyst consensus of Moderate Buy, with a price target consensus of $20.
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The company has a one-year high of $31.59 and a one-year low of $16.32. Currently, SpartanNash Co has an average volume of 244.5K.
Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SPTN in relation to earlier this year.
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SpartanNash Co. engages in the distribution of grocery products to military commissaries in the U.S. It operates through the following segments: Military, Food Distribution, and Retail. The Military segment sells and distributes grocery products primarily to U.S. military commissaries and exchanges.
