UPDATE: BMO Capital Markets Upgrades Safeway to Outperform Following Proprietary Survey

BMO Capital Markets raises its rating on Safeway SWY from Market Perform to Outperform. BMO Capital Markets noted, "[G]iven: 1) the potential for improving fundamentals, driven in part by the successful roll-out of Just For U; 2) the extremely negative sentiment (~30% short interest); 3) the attractive valuation – as a multiple of free cash flow (4.7x vs. 7.6x one-year ago) as well EV/EBITDA and EV/EBITDAR; 4) the valuation on our DCF; and 5) limited further downside given the 4.4% dividend yield, we believe the stock could finally work." Safeway closed at $16.07 on Monday.