Morgan Stanley Downgrades Safeway (SWY) to Underweight, Saying Prices Too High
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Morgan Stanley downgrades Safeway (NYSE: SWY) from Equal-weight to Underweight, citing high prices at their stores.
The firm said Safeway had the highest prices in four out of five markets in their July survey. They said it could take months of margin sacrifices to change price perceptions and stimulate same store sales growth. They said watch for a Q3 guidance cut.
Safeway, Inc., together with its subsidiaries, operates as a food and drug retailer in North America.
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