Empire (EMP.A) Sets New 52-Week High Following Analyst Upgrade

Empire Company Limited (TSE:EMP.A) reached a new 52-week high during trading on Thursday after Royal Bank Of Canada raised their price target on the stock from C$23.00 to C$25.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Empire traded as high as C$25.93 and last traded at C$25.71, with a volume of 115299 shares. The stock had previously closed at C$25.75.

A number of other equities research analysts have also issued reports on the company. National Bank Financial increased their price target on Empire from C$24.00 to C$27.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. TD Securities increased their price target on Empire from C$20.00 to C$25.00 and gave the stock a “hold” rating in a research note on Friday, September 15th. Eight Capital upgraded Empire from a “neutral” rating to a “buy” rating and increased their price target for the stock from C$21.00 to C$30.00 in a research note on Friday, September 15th. Barclays increased their price target on Empire from C$27.00 to C$28.00 in a research note on Friday, September 15th. Finally, CIBC increased their price target on Empire from C$20.00 to C$27.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of C$25.55.

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About Empire

Empire Company Limited is engaged in the business of food retailing and related real estate. The Company’s segments include Food Retailing, and Investments and Other Operations. The Food Retailing segment consists of its subsidiary, Sobeys Inc, which owns, affiliates or franchises over 1,500 stores in approximately 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton’s Drug Stores, as well as more than 350 retail fuel locations.

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