Sprouts Farmers Market up after Deutsche Bank upgrades to 'buy'

Shares of organic food retailer Sprouts Farmers Market SFM.O up ~3% at $141.07 in afternoon trade

Brokerage Deutsche Bank upgrades stock to "buy" from "hold"; raises PT to $190 from $163

Brokerage notes about 23% share pullback last month; says stock is now at the awaited entry point

We have high conviction in SFM's near- and long-term growth outlook and believe a premium multiple is warranted - brokerage

Deutsche Bank notes SFM's resurgence in same-store sales growth, driven by a focus on target customers, differentiated products and growing interest in healthy eating

Sees margin expansion from supply chain improvements, strategic pricing and reduced promotions; says initiatives including private label expansion and self-distribution provides further upside

Company reported Q4 results beat and forecast annual adjusted EPS above estimates on February 20

Average recommendation of 16 analysts is "hold"; with a median PT of $185, according to data compiled by LSEG

Including session moves, SFM up about 11% YTD