Despite Amazon Tie-Up, Whole Foods Stand-Alone Edge No Longer Holding Water
We’re maintaining our $41 fair value estimate, the discounted value of Amazon’s $42 per share acquisition price assuming a Sept. 30 close, but are lowering our standalone moat rating to none from narrow. On a standalone basis, we believe Whole Foods’ intangible assets fail to represent a sustainable edge in the intensely competitive grocery space.Associated with this, we’re lowering our stand-alone valuation to $29.50 from $33.50 per share to reflect our expectation that the firm is unlikely t...
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