Empire (EMP.A) Trading Down 2.1%

Empire Company Limited (TSE:EMP.A)’s share price traded down 2.1% on Wednesday . The company traded as low as C$24.70 and last traded at C$25.61. 132,319 shares were traded during trading, a decline of 67% from the average session volume of 399,588 shares. The stock had previously closed at C$26.15.

A number of brokerages recently commented on EMP.A. Royal Bank of Canada increased their price objective on shares of Empire from C$23.00 to C$25.00 and gave the company a “sector perform” rating in a research note on Thursday, December 7th. National Bank Financial increased their price objective on shares of Empire from C$27.00 to C$28.00 and gave the company an “outperform” rating in a research note on Friday, December 8th. Scotiabank increased their price objective on shares of Empire from C$25.50 to C$27.50 and gave the company an “outperform” rating in a research note on Friday, September 15th. Barclays increased their price objective on shares of Empire from C$27.00 to C$28.00 in a research note on Friday, September 15th. Finally, CIBC increased their price objective on shares of Empire from C$20.00 to C$27.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of C$25.65.

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About Empire

Empire Company Limited is engaged in the business of food retailing and related real estate. The Company’s segments include Food Retailing, and Investments and Other Operations. The Food Retailing segment consists of its subsidiary, Sobeys Inc, which owns, affiliates or franchises over 1,500 stores in approximately 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton’s Drug Stores, as well as more than 350 retail fuel locations.

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