12:26 PM EDT, 04/29/2024 (MT Newswires) -- Sprouts Farmers Market ( SFM ) is expected to report Q1 results Wednesday at least in line with the high end of the company's guidance, Oppenheimer said in a note to clients.

"An improved grocery backdrop with prospects of continued inflation versus deflation and a healthy labor market along with strong execution from the Sprouts Farmers Market ( SFM ) management team should drive results at least in line with the high end of Q1 guidance," Oppenheimer analysts, including Rupesh Parikh, said.

In February, Sprouts Farmers forecast Q1 comparable store sales growth of 2.5% to 3.5% and adjusted EPS of $0.98 to $1.02.

Following a recent run, the analysts viewed the risk/reward of the stock as balanced.

"SFM shares remain on our radar, but appear fully valued at current levels," they said, keeping their perform rating on the stock.

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