National Bankshares has reduced the price target for Empire Company Limited (TSE:EMP.A) from C$59.00 to C$58.00, as indicated in a note issued to investors on March 14, 2024. The brokerage maintains a “sector perform” rating for the stock, which suggests a potential upside of approximately 12.36% from Empire’s current trading price.
In a separate analysis, Scotiabank also adjusted its outlook, lowering its price target for Empire from C$58.00 to C$57.00 while assigning an “outperform” rating. This reflects a cautious yet optimistic perspective on the company’s performance in the competitive food retail sector.
Currently, the stock has received mixed reviews from analysts. Two analysts have rated Empire with a Buy rating, while three others have issued a Hold rating. According to data from MarketBeat, the overall consensus rating for Empire remains at “Hold,” with a consensus price target of C$56.57.
Insights into Empire’s Operations
Empire Company Limited is engaged primarily in food retailing, investments, and various other operations. The food retailing segment is primarily driven by its subsidiary, Sobeys, which contributes nearly all of the company’s income. Sobeys operates a network of over 1,500 stores across ten provinces, operating under several retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton’s Drug Stores, and various retail fuel locations.
The adjustments in price targets from National Bankshares and Scotiabank reflect ongoing assessments of market conditions and consumer behavior in the food retail sector. These insights can help investors gauge Empire’s position in a rapidly evolving marketplace.
Investors interested in Empire Company Limited may wish to monitor future reports and analyses to understand better the company’s performance and strategic direction.
