Empire (TSE:EMP.A) Price Target Lowered to C$50.00 at Scotia

Key Points

• Scotia lowered Empire’s price target to C$50 from C$52 while maintaining a “sector perform” rating, implying approximately 5.44% upside from the reported C$47.42 share price.
• Analyst sentiment remains mixed but generally neutral: Empire has an average “Hold” rating and a consensus price target of C$54.56, with targets from other firms ranging up to C$58.
• Empire reported quarterly EPS of C$0.94 on C$7.81 billion in revenue, with a 2.18% net margin and 12.94% return on equity. Shares traded below both their 50-day and 200-day moving averages.

Empire (TSE:EMP.A - Get Free Report) had its price target reduced by analysts at Scotia from C$52.00 to C$50.00 in a note issued to investors on Wednesday, BayStreet reports. The firm presently has a "sector perform" rating on the stock. Scotia's target price would indicate a potential upside of 5.44% from the company's current price.

EMP.A has been the subject of a number of other reports. National Bank Financial increased their price target on Empire from C$55.00 to C$56.00 and gave the company a "sector perform" rating in a research note on Wednesday. Royal Bank Of Canada boosted their price objective on Empire from C$55.00 to C$58.00 and gave the stock a "sector perform" rating in a research report on Friday, June 19th. Desjardins upped their target price on Empire from C$53.00 to C$56.00 and gave the stock a "buy" rating in a report on Sunday, June 21st. BMO Capital Markets upgraded Empire from a "market perform" rating to an "outperform" rating and set a C$58.00 target price for the company in a research report on Monday, July 20th. Finally, Canadian Imperial Bank of Commerce lifted their price target on Empire from C$54.00 to C$58.00 and gave the company an "outperformer" rating in a research note on Friday, June 19th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Empire currently has an average rating of "Hold" and an average target price of C$54.56.

Empire Price Performance

Shares of Empire stock traded down C$0.66 during midday trading on Wednesday, hitting C$47.42. 94,176 shares of the company traded hands, compared to its average volume of 484,172. The stock has a market cap of C$10.61 billion, a price-to-earnings ratio of 55.14, a PEG ratio of 16.20 and a beta of -0.20. The company has a debt-to-equity ratio of 135.51, a quick ratio of 0.29 and a current ratio of 0.79. The firm's fifty day moving average price is C$49.50 and its 200-day moving average price is C$48.86. Empire has a 12 month low of C$43.81 and a 12 month high of C$53.99.

Empire (TSE:EMP.A - Get Free Report) last issued its quarterly earnings data on Thursday, June 18th. The company reported C$0.94 EPS for the quarter. Empire had a net margin of 2.18% and a return on equity of 12.94%. The business had revenue of C$7.81 billion during the quarter. As a group, sell-side analysts forecast that Empire will post 2.9581227 earnings per share for the current 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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