UPDATE: Imperial Capital Initiates Safeway at Outperform on Valuation, Dividend Yield

Imperial Capital initiated coverage on Safeway

with an Outperform rating and a $23 price target. Imperial Capital noted, "We are … initiating coverage with an Outperform rating on the [Safeway] common stock with a one-year price target of $23, based on a sum-of-the-parts valuation. We think the stock will trade up on anticipated improving financial performance and potential value creation in early 2013 while providing investors with an attractive dividend yield of 4.28%." Safeway closed at $16.33 on Wednesday.