Goldman Sachs Downgrades SAFEWAY (SWY) to Sell
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Price: $35.10 --0%
Rating Summary:
4 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
4 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Goldman Sachs downgraded SAFEWAY (NYSE: SWY) to Sell with a price target of $20 (from $25).
The firm advocates "leaning into secular stories with accelerating fundamentals (WFM, CL-Buy) and out of mature, share donors (SWY) (KR) as cyclical tailwinds moderate." They also said valuation remains full relative to peers.
Goldman said the company's Q2 results showed that even modest inflation pressured margins on meager identical store sales growth.
The firm lowered FY11E-FY13E EPS for SWY by 7%-9% to reflect a weaker sales and margin outlook
For more ratings news on SAFEWAY click here and for the rating history of SAFEWAY click here.
Shares of SAFEWAY closed at $20.93 yesterday.
The firm advocates "leaning into secular stories with accelerating fundamentals (WFM, CL-Buy) and out of mature, share donors (SWY) (KR) as cyclical tailwinds moderate." They also said valuation remains full relative to peers.
Goldman said the company's Q2 results showed that even modest inflation pressured margins on meager identical store sales growth.
The firm lowered FY11E-FY13E EPS for SWY by 7%-9% to reflect a weaker sales and margin outlook
For more ratings news on SAFEWAY click here and for the rating history of SAFEWAY click here.
Shares of SAFEWAY closed at $20.93 yesterday.
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