Empire (TSE:EMP.A) Rating Increased to Outperform at BMO Capital Markets

Key Points

• BMO Capital Markets upgraded Empire from “market perform” to “outperform” and kept a C$58 target price, implying about 13.37% upside from the current share price.
• Several other analysts recently adjusted their views on the stock, with target prices mostly raised; overall, Empire now has a consensus Hold rating and an average target price of C$55.
• Empire shares were up 4.5% to C$51.16 on Monday after the upgrade, following quarterly results that showed C$0.94 EPS on C$7.81 billion in revenue.

Empire (TSE:EMP.A - Get Free Report) was upgraded by stock analysts at BMO Capital Markets from a "market perform" rating to an "outperform" rating in a research note issued on Monday,BayStreet.CA reports. The firm presently has a C$58.00 target price on the stock. BMO Capital Markets' target price indicates a potential upside of 13.37% from the company's current price.

A number of other equities research analysts also recently commented on the stock. TD raised their price objective on shares of Empire from C$50.00 to C$53.00 and gave the company a "hold" rating in a research report on Friday, June 19th. Canadian Imperial Bank of Commerce increased their target price on Empire from C$54.00 to C$58.00 and gave the stock an "outperformer" rating in a research note on Friday, June 19th. Desjardins lifted their price target on Empire from C$53.00 to C$56.00 and gave the company a "buy" rating in a research note on Sunday, June 21st. National Bank Financial boosted their target price on shares of Empire from C$54.00 to C$55.00 and gave the stock a "sector perform" rating in a research report on Monday, June 15th. Finally, Scotiabank cut shares of Empire from an "outperform" rating to a "sector perform" rating and set a C$52.00 price target on the stock. in a research note on Thursday, April 9th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of C$55.00.

Empire Stock Up 4.5%

Shares of Empire stock traded up C$2.21 on Monday, reaching C$51.16. 243,574 shares of the company were exchanged, compared to its average volume of 496,664. Empire has a 1-year low of C$43.81 and a 1-year high of C$58.32. The stock's 50 day moving average price is C$48.79 and its 200-day moving average price is C$48.22. 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 cap of C$11.52 billion, a P/E ratio of 59.49, a price-to-earnings-growth ratio of 16.20 and a beta of -0.22.

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

About Empire

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. The company's investment and other operations segment include the investment in Crombie REIT, which is an open-ended Canadian real estate investment trust, as well as the Genstar Development Partnership.

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