Canadian Imperial Bank of Commerce Reiterates C$57.00 Price Target for Empire (TSE:EMP.A)

Key Points

• CIBC reiterated a C$57.00 price target for Empire and maintained a “neutral” rating, implying approximately 9.87% upside from the company’s current share price.
• Analyst sentiment remains cautious: Empire has a consensus “Hold” rating, with two Buy ratings and seven Holds, while the average price target is C$53.56.
• Empire shares traded at C$51.88, near their 12-month high of C$52.64. The company recently reported quarterly EPS of C$1.04 and revenue of C$8.47 billion.

Empire (TSE:EMP.A - Get Free Report) received a C$57.00 target price from stock analysts at Canadian Imperial Bank of Commerce in a report released on Thursday, BayStreet reports. The brokerage presently has a "neutral" rating on the stock. Canadian Imperial Bank of Commerce's target price would suggest a potential upside of 9.87% from the company's current price.

Other equities analysts have also issued reports about the stock. National Bank Financial cut their price objective on shares of Empire from C$56.00 to C$54.00 and set a "sector perform" rating for the company in a research report on Friday, September 11th. TD reduced their price objective on shares of Empire from C$53.00 to C$52.00 and set a "hold" rating for the company in a research note on Friday, September 11th. BMO Capital Markets raised shares of Empire from a "market perform" rating to an "outperform" rating and set a C$58.00 target price on the stock in a report on Monday, July 20th. Desjardins lowered their target price on shares of Empire from C$57.00 to C$53.00 and set a "buy" rating on the stock in a research note on Friday, September 11th. Finally, Scotia cut their price target on shares of Empire from C$50.00 to C$48.00 and set a "sector perform" rating for the company in a report on Friday, September 11th. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of C$53.56.

Empire Price Performance

EMP.A traded up C$1.59 during trading on Thursday, reaching C$51.88. 474,239 shares of the company were exchanged, compared to its average volume of 517,170. The company's 50-day moving average is C$48.21 and its two-hundred day moving average is C$48.60. The company has a market cap of C$11.61 billion, a price-to-earnings ratio of 52.40, a P/E/G ratio of 16.20 and a beta of -0.21. The company has a quick ratio of 0.29, a current ratio of 0.79 and a debt-to-equity ratio of 135.51. Empire has a 12-month low of C$43.81 and a 12-month high of C$52.64.

Empire (TSE:EMP.A - Get Free Report) last issued its earnings results on Thursday, September 10th. The company reported C$1.04 EPS for the quarter. The business had revenue of C$8.47 billion during the quarter. Empire had a return on equity of 12.94% and a net margin of 2.18%. Research analysts forecast that Empire will post 2.96 earnings per share for the current fiscal year.

About Empire

Empire Company Limited TSX: EMP.A is a Canadian company headquartered in Stellarton, Nova Scotia. Empire's key businesses are food retailing, through wholly-owned subsidiary Sobeys Inc, and related real estate. With approximately $32 billion in annual sales and $17 billion in assets, Empire and its subsidiaries, franchisees and affiliates employ approximately 130,000 people. Additional financial information relating to Empire, including the Company's Annual Information Form, can be found on the Company's website at www.empireco.ca or on SEDAR+ at www.sedarplus.ca.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.