Safeway Stock Rating Reaffirmed by Zacks (SWY)
Safeway (NYSE:SWY)‘s stock had its “neutral” rating restated by Zacks in a report issued on Thursday, AnalystRatingsNetwork.com reports. They currently have a $36.00 price target on the stock. Zacks‘ price objective indicates a potential upside of 4.02% from the company’s current price.
Zacks‘ analyst wrote, “Safeway reported a mixed fourth quarter 2013 with tepid quarter with adjusted EPS of $0.53, down 10.2% year over year but $0.06 ahead of the Zacks Consensus Estimate. Revenues inched up 0.71% to $11.30 billion, but lagged the Zacks Consensus Estimate of $11.49 billion. The company also disclosed three strategic initiatives including its plan of possible sellout of the company. The other initiatives include distribute the remaining 37.8 million shares of Blackhawk Network to its shareholders and monetization of its 49% stake in Casa Ley. Soft fuel sales and disposition of Genuardi’s stores continued to drag the top-line. ID sales also remained sluggish. The lower expectation for 2014 is another downside. However, we derive comfort from the company’s cost-control measures. Also, Safeway has a deft plan to save costs and sharpen focus on the U.S. retail market. Thus, we remain Neutral on Safeway.”
Shares of Safeway (NYSE:SWY) traded up 3.55% during mid-day trading on Thursday, hitting $35.84. The stock had a trading volume of 13,008,919 shares. Safeway has a 52 week low of $20.83 and a 52 week high of $36.90. The stock has a 50-day moving average of $31.88 and a 200-day moving average of $31.37. The company has a market cap of $8.580 billion and a price-to-earnings ratio of 19.15. Safeway also was the recipient of some unusual options trading activity on Wednesday. Traders purchased 14,828 put options on the company. This is an increase of 1,049% compared to the average daily volume of 1,290 put options.
Safeway (NYSE:SWY) last announced its earnings results on Wednesday, February 19th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.05. The company had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $11.48 billion. Analysts expect that Safeway will post $1.68 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Telsey Advisory Group raised their price target on shares of Safeway from $35.00 to $46.00 in a research note on Thursday. They now have a “not rated” rating on the stock. Analysts at UBS AG cut their price target on shares of Safeway from $29.00 to $27.00 in a research note on Wednesday, February 12th. They now have a “sell” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $35.92.
Safeway Inc (NYSE:SWY) is a food and drug retailer in North America.
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