BofA Securities upgraded Natural Grocers (NGVC) to Buy, citing margin expansion, underserved market potential, and strong value proposition. Analyst Vicky Liu highlights the company's 'Always Affordable' pricing strategy, lean operations, and e-commerce opportunities via DoorDash. With a $35 price target implying 13% upside, the upgrade reflects confidence in NGVC's ability to profitably expand its small-box format despite inflationary pressures.