UPDATE: Credit Suisse Downgrades Safeway to Underperform on New Rating Methodology
Credit Suisse lowered its rating on Safeway (NYSE: SWY) from Neutral to Underperform with a reiterated $15 price target.
Credit Suisse commented, "This change reflects our less positive view on SWY relative to other stocks we cover. We continue to be concerned about SWY's competitive position in an industry with weakening fundamentals. Along with this change we are reducing our target price to $15 from $18 to better reflect the company's challenging outlook and risk around 2H12 estimates."
Safeway closed at $16.10 on Monday.
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