Deutsche Bank Upgrades SAFEWAY (SWY) to Hold; Going Back Down This Road

Deutsche Bank upgraded SAFEWAY (NYSE: SWY) from Sell to Hold, price target raised from $18 to $22.

Analyst, Charles Grom, said, "Our concerns about SWY's fundamentals remain intact - i.e. poor EPS quality, optimistic guidance, and GPM that are structurally too high. That said, recent adjustments in the company by-laws, mgmt changes, and the widening in CDS spreads (from recent LBO speculation) will make our Sell call more difficult NT. Said differently, we've been down this road before (DG, BJ's) and sometimes the speculation alone will keep a floor on the stock."

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 $21.92 yesterday.

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