Morgan Stanley Reiterates Equal-Weight Rating of Safeway Following Initial FY2013 Guidance

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In a report published Wednesday, Morgan Stanley reiterated its Equal-Weight rating on Safeway (NYSE: SWY).Morgan Stanley noted, “Safeway announced initial FY2013 guidance this morning of $2.25-$2.45, slightly better than the $2.25-2.37 we previewed and higher than our estimate of $2.27 and consensus of $2.24. We believe that heading into the analyst meeting today, investors were expecting upbeat guidance given strong 4Q results and positive commentary from quarter to date results. Accordingly, we don't expect a significant reaction in SWY shares today.”Safeway closed on Tuesday at $24.30.

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