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A number of firms have modified their ratings and price targets on shares of Safeway (NYSE: SWY) recently:

  • Safeway had its price target lowered by analysts at Jefferies Group from $40.00 to $36.00. They now have a “hold” rating on the stock.
  • Safeway had its “neutral” rating reaffirmed by analysts at Zacks. They now have a $40.00 price target on the stock. Zacks‘ analyst wrote, “Amid a challenging macroeconomic environment coupled with dwindling customer confidence, Safeway announced that it will merge with Albertsons for $9.0 billion. The company also announced other initiatives including distribution of the remaining 37.8 million shares of Blackhawk Network to its shareholders and monetization of its 49% stake in Casa Ley. We believe the combined company will pose major challenges to its rivals, although uncertainty related to potential antitrust challenges from the FTC persists. Safeway reported a mixed fourth quarter 2013 with an 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. Soft fuel sales and the disposition of Genuardi’s stores continued to drag the top line. ID sales also remained sluggish. The lower expectation for 2014 is another downside. Presently, we remain Neutral’ on Safeway. However, the upside potential of the stock is limited.”
  • Safeway had its “hold” rating reaffirmed by analysts at Deutsche Bank. They now have a $36.00 price target on the stock, down previously from $40.00.
  • Safeway had its price target lowered by analysts at Telsey Advisory Group from $40.00 to $36.00. They now have a “not rated” rating on the stock.
  • Safeway had its “hold” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $34.00 price target on the stock.

Shares of Safeway Inc. (NYSE:SWY) opened at 34.02 on Thursday. Safeway Inc. has a 1-year low of $19.9284 and a 1-year high of $36.034. The stock has a 50-day moving average of $34.04 and a 200-day moving average of $30.95. The company has a market cap of $7.752 billion and a P/E ratio of 2.51. Safeway also saw a large decline in short interest in the month of January. As of March 31st, there was short interest totalling 12,582,921 shares, a decline of 20.8% from the March 14th total of 15,890,345 shares. Currently, 5.5% of the company’s shares are sold short. Based on an average daily trading volume, of 6,617,224 shares, the short-interest ratio is currently 1.9 days.

Safeway Inc (NYSE:SWY) is a food and drug retailer in North America.

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