UPDATE: Deutsche Bank Raises PT on Safeway on Multiple Positive Factors
In a report published Friday, Deutsche Bank analyst Karen Short reiterated a Buy rating on Safeway (NYSE: SWY), and raised the price target from $37.00 to $40.00.
In the report, Deutsche Bank noted, “SWY took another major step along its path towards asset rationalization with the announcement that they were exiting the underperforming Dominicks banner in Chicago. We believe the latest move underscores the many ways to win with SWY, including (1) further asset rationalization, (2) potential tax-free spin-off of Blackhawk, (3) monetization of owned RE, (4) profitability improvement of the core operating business, and (5) short covering.”
Safeway closed on Thursday at $31.57.
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