Sprouts Farmers Market, Inc. ( SFM ) shares are rising Tuesday following impressive second-quarter 2024 financial results and strong third-quarter guidance.

What Happened: Sprouts reported adjusted earnings per share (EPS) of 91 cents, surpassing the estimated 78 cents. Sales figures also beat expectations, coming in at $1.890 billion against the forecasted $1.835 billion.

The company also issued third-quarter earnings guidance above analysts' estimates, with EPS outlook of 71 cents to 75 cents per share versus estimates of 69 cents per share.

Analyst Upgrades and Price Target Increases

Following these results, several analysts have upgraded their ratings and raised their price targets for Sprouts Farmers Market ( SFM ):

BMO Capital: Analyst Kelly Bania upgraded SFM from Underperform to Market Perform, raising the price target from $40 to $102.

Wells Fargo: Analyst Edward Kelly upgraded SFM from Underweight to Equal-Weight, increasing the price target from $62 to $90.

B of A Securities: Analyst Robert Ohmes maintained a Buy rating, raising the price target from $84 to $100.

Roth MKM: Analyst Bill Kirk maintained a Neutral rating, lifting the price target from $58 to $78.

Deutsche Bank: Analyst Krisztina Katai maintained a Hold rating, increasing the price target from $76 to $89.

Evercore ISI Group: Analyst Michael Morris maintained an In-Line rating, raising the price target from $84 to $96.

SFM Price Action: Sprouts Farmers Market’s shares were up by 14.5% at $96.93 according to Benzinga Pro.

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