Empire (TSE:EMP.A) Price Target Cut to C$48.00 by Analysts at Scotia

Key Points

• Scotia lowered Empire’s price target to C$48 from C$50 while maintaining a “sector perform” rating, implying approximately 5.29% upside from the reported share price.
• Analyst sentiment remains mixed: Empire has an average “Hold” rating and a consensus price target of C$53.67, with three Buy ratings and six Hold ratings.
• Empire shares fell C$0.78 to C$45.59 in Friday trading. The company recently reported quarterly EPS of C$1.04 and revenue of C$8.47 billion.

Empire (TSE:EMP.A - Get Free Report) had its price objective dropped by investment analysts at Scotia from C$50.00 to C$48.00 in a research note issued to investors on Friday, BayStreet reports. The firm currently has a "sector perform" rating on the stock. Scotia's price target would suggest a potential upside of 5.29% from the stock's current price.

EMP.A has been the topic of a number of other reports. BMO Capital Markets raised shares of Empire from a "market perform" rating to an "outperform" rating and set a C$58.00 price objective on the stock in a research note on Monday, July 20th. TD raised their target price on Empire from C$50.00 to C$53.00 and gave the company a "hold" rating in a report on Friday, June 19th. Royal Bank Of Canada lifted their price target on Empire from C$55.00 to C$58.00 and gave the company a "sector perform" rating in a research note on Friday, June 19th. National Bank Financial boosted their price target on Empire from C$55.00 to C$56.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 2nd. Finally, Canadian Imperial Bank of Commerce upped their price objective on Empire from C$54.00 to C$58.00 and gave the stock an "outperformer" rating in a research report on Friday, June 19th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Empire currently has an average rating of "Hold" and an average target price of C$53.67.

Empire Price Performance

Empire stock traded down C$0.78 during trading hours on Friday, reaching C$45.59. 284,866 shares of the stock were exchanged, compared to its average volume of 485,066. The company has a market cap of C$10.20 billion, a P/E ratio of 53.01, a price-to-earnings-growth ratio of 16.20 and a beta of -0.29. The company has a current ratio of 0.79, a quick ratio of 0.29 and a debt-to-equity ratio of 135.51. Empire has a twelve month low of C$43.81 and a twelve month high of C$52.64. The stock has a 50 day moving average of C$49.09 and a two-hundred day moving average of C$48.79.

Empire (TSE:EMP.A - Get Free Report) last released its earnings results on Thursday, September 10th. The company reported C$1.04 EPS for the quarter. Empire had a net margin of 2.18% and a return on equity of 12.94%. The firm had revenue of C$8.47 billion for the quarter. Equities analysts expect that Empire will post 2.9581227 EPS 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.

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