Empire (TSE:EMP.A) Price Target Cut to C$53.00 by Analysts at Desjardins

Key Points

• Desjardins cut Empire’s price target from C$57.00 to C$53.00 but maintained a “buy” rating, implying approximately 16.25% upside from the current price.
• Analyst sentiment is mixed: Empire has a consensus “hold” rating from nine analysts, with an average price target of C$53.67.
• Empire shares fell 1.7% to C$45.59, while the company recently reported quarterly revenue of C$8.47 billion and earnings of C$1.04 per share.

Empire (TSE:EMP.A - Get Free Report) had its price target decreased by equities research analysts at Desjardins from C$57.00 to C$53.00 in a research note issued to investors on Friday, BayStreet reports. The firm currently has a "buy" rating on the stock. Desjardins' price target points to a potential upside of 16.25% from the stock's current price.

Other research analysts have also issued research reports about the company. TD increased their price target on Empire from C$50.00 to C$53.00 and gave the stock a "hold" rating in a report on Friday, June 19th. Royal Bank Of Canada increased their target price on Empire from C$55.00 to C$58.00 and gave the stock a "sector perform" rating in a report on Friday, June 19th. Canadian Imperial Bank of Commerce boosted their price target on shares of Empire from C$54.00 to C$58.00 and gave the company an "outperformer" rating in a research note on Friday, June 19th. Scotia dropped their price objective on shares of Empire from C$50.00 to C$48.00 and set a "sector perform" rating on the stock in a research note on Friday. Finally, BMO Capital Markets upgraded shares of Empire from a "market perform" rating to an "outperform" rating and set a C$58.00 price objective for the company in a report on Monday, July 20th. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Empire presently has a consensus rating of "Hold" and an average price target of C$53.67.

Empire Stock Down 1.7%

Shares of Empire stock traded down C$0.78 during trading on Friday, reaching C$45.59. 284,866 shares of the company traded hands, compared to its average volume of 485,066. The firm has a market capitalization of C$10.20 billion, a PE ratio of 53.01, a P/E/G ratio of 16.20 and a beta of -0.29. Empire has a 1-year low of C$43.81 and a 1-year high of C$52.64. The company has a 50 day moving average price of C$49.09 and a 200-day moving average price of C$48.79. The company has a debt-to-equity ratio of 135.51, a current ratio of 0.79 and a quick ratio of 0.29.

Empire (TSE:EMP.A - Get Free Report) last posted its quarterly earnings results on Thursday, September 10th. The company reported C$1.04 earnings per share 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 during the quarter. As a group, equities research analysts expect that Empire will post 2.9581227 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.

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