UPDATE: Citi Downgrades Albertsons Companies Inc. (ACI) to Neutral
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Citi analyst Paul Lejuez downgraded Albertsons Companies Inc. (NYSE: ACI) from Buy to Neutral, PT $32.00 (from $30.00).
The analyst comments "We are downgrading ACI from Buy to Neutral. While we were impressed with ACI’s results in 2Q and guidance for the rest of F21, the stock is up ~100% over the past 12 months and ~50% over the past 3 months, making the risk/reward seem more balanced from here (but not a run for the exits call). Expectations seem to be elevated following the recent CFO hire and stronger than expected results, but navigating the inflationary environment and need for cont’d omni-channel investment present some uncertainty around ACI’s ability to sustain F21 EBIT margins of 3.6% (vs 1.8% in F19). We model F22 ID sales of +1% and EBIT margin of 3.4%."
Shares of Albertsons Companies Inc. closed at $29.51 yesterday.
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