Jefferies Upgrades Safeway (SWY) to Buy Citing Improving Employment

Jefferies upgraded Safeway (NYSE: SWY) from Hold to Buy with a price target of $25.00.

The firm comments, "We are riding the wave of improving employment, especially present in Safeway’s all-important California market, and upgrading SWY to Buy. Our research suggests ID’s have recently accelerated and volumes are now outperforming the industry. At the same time, the improving macros and attractive valuation, we believe, are the main reasons SWY may accelerate its share repurchase activities, which could further lift EPS in FY12/13."

For an analyst ratings summary and ratings history on Safeway click here. For more ratings news on Safeway click here.

Shares of Safeway closed at $20.53 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Jefferies Upgrades Fortescue Metals Group Ltd. (FMG:AU) (FSUGY) to Hold
• Jefferies Starts LunR Royalties Corp (LUNR:CN) at Buy
• Jefferies: 38% of Australian companies beat estimates this season