Empire Company Limited (TSE:EMP.A) has seen its target price adjusted by National Bankshares, which lowered its estimate from C$59.00 to C$58.00. This revision was communicated to investors on March 15, 2024. National Bankshares currently holds a “sector perform” rating for Empire’s stock, indicating a cautious outlook. The new price target implies a potential upside of approximately 12.36% based on the company’s recent trading price.
In a related development, Scotiabank has also revised its target price for Empire, decreasing it from C$58.00 to C$57.00 while maintaining an “outperform” rating. These updates reflect a mixed sentiment among analysts regarding Empire’s market performance. Currently, two analysts have assigned a Buy rating to the stock, while three analysts have issued a Hold rating.
According to data from MarketBeat, Empire has a consensus rating of “Hold” and a consensus price target of C$56.57. This indicates that while some analysts see potential in the stock, others are taking a more reserved approach.
Empire’s Business Overview
Empire Company Limited operates primarily in the food retailing sector, with its subsidiary Sobeys contributing significantly to its revenue. The food retailing division generates nearly all of the company’s income and encompasses over 1,500 stores across ten provinces. These stores operate under various retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton’s Drug Stores, and several retail fuel locations.
Investors and analysts will be closely monitoring Empire’s performance in the coming months, especially in light of these recent price target adjustments. As market conditions evolve, the company’s ability to adapt and respond to consumer needs will be crucial for its growth and stability.
For ongoing updates and insights, interested parties can subscribe to MarketBeat’s daily email newsletter, which provides a concise summary of news and analysts’ ratings related to Empire and other companies.
