Canadian Imperial Bank of Commerce Issues Positive Forecast for Empire (TSE:EMP.A) Stock Price

Empire (TSE:EMP.A) had its price objective upped by equities researchers at Canadian Imperial Bank of Commerce from C$54.00 to C$58.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has an “outperformer” rating on the stock. Canadian Imperial Bank of Commerce’s price objective would indicate a potential upside of 12.56% from the company’s previous close.

A number of other equities analysts have also commented on the company. Royal Bank Of Canada boosted their price objective on Empire from C$55.00 to C$58.00 and gave the stock a “sector perform” rating in a research note on Friday. Desjardins set a C$53.00 target price on Empire and gave the stock a “buy” rating in a research report on Monday. National Bank Financial raised their price objective on Empire from C$54.00 to C$55.00 and gave the stock a “sector perform” rating in a research note on Monday. Finally, Scotiabank cut shares of Empire from an “outperform” rating to a “sector perform” rating and set a C$52.00 price target for the company. in a report on Thursday, April 9th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Empire currently has a consensus rating of “Hold” and a consensus price target of C$54.14.

Empire Stock Performance

EMP.A stock traded up C$0.28 during trading on Friday, reaching C$51.53. 119,605 shares of the stock were exchanged, compared to its average volume of 479,892. The stock has a 50 day simple moving average of C$47.81 and a 200-day simple moving average of C$48.08. The company has a current ratio of 0.79, a quick ratio of 0.29 and a debt-to-equity ratio of 135.51. The company has a market capitalization of C$11.68 billion, a P/E ratio of 76.91, a price-to-earnings-growth ratio of 16.20 and a beta of -0.20. Empire has a twelve month low of C$43.81 and a twelve month high of C$58.32.

Empire (TSE:EMP.A) last announced its quarterly earnings results on Thursday, June 18th. The company reported C$0.94 earnings per share (EPS) for the quarter. Empire had a net margin of 2.18% and a return on equity of 12.94%. The firm had revenue of C$7.81 billion for the quarter. As a group, sell-side analysts anticipate that Empire will post 2.9581227 earnings per share for the current year.

About Empire

Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division operates through Empire’s subsidiary Sobeys and represents nearly all of the company’s income. This segment owns, affiliates, or franchises more than 1,500 stores in 10 provinces, under retail banners including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton’s Drug Stores, and multiple retail fuel locations. The company’s investment and other operations segment include the investment in Crombie REIT, which is an open-ended Canadian real estate investment trust, as well as the Genstar Development Partnership.