CIBC Forecasts Strong Price Appreciation for Empire (TSE:EMP.A) Stock

Empire (TSE:EMP.AGet Free Report) had its target price boosted by stock analysts at CIBC from C$55.00 to C$59.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. CIBC’s target price would suggest a potential upside of 6.29% from the company’s current price.

A number of other equities analysts also recently issued reports on EMP.A. Desjardins raised their price objective on Empire from C$50.00 to C$55.00 and gave the stock a “buy” rating in a research report on Tuesday, June 17th. Scotiabank raised their price objective on Empire from C$49.00 to C$62.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Royal Bank Of Canada raised their price objective on Empire from C$56.00 to C$61.00 and gave the stock a “sector perform” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of C$57.43.

View Our Latest Analysis on Empire

Empire Price Performance

Shares of EMP.A opened at C$55.51 on Friday. Empire has a 1 year low of C$33.77 and a 1 year high of C$56.41. The company has a debt-to-equity ratio of 135.51, a current ratio of 0.79 and a quick ratio of 0.29. The company has a market capitalization of C$7.79 billion, a price-to-earnings ratio of 20.26, a price-to-earnings-growth ratio of 16.20 and a beta of 0.48. The business has a 50-day moving average of C$51.08 and a 200-day moving average of C$46.61.

Insider Buying and Selling

In other Empire news, Senior Officer Simon Gagne sold 12,269 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of C$48.22, for a total value of C$591,611.18. Also, Senior Officer Matthew Reindel sold 1,852 shares of Empire stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of C$46.16, for a total value of C$85,488.32. 2.18% of the stock is currently owned by insiders.

About Empire

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Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division operates through Empire’s subsidiary Sobeys and represents nearly all of the company’s income. This segment owns, affiliates, or franchises more than 1,500 stores in 10 provinces, under retail banners including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton’s Drug Stores, and multiple retail fuel locations.

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Analyst Recommendations for Empire (TSE:EMP.A)

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