Supermarket chain operator Safeway Inc. (SWY) on Tuesday received a big downgrade from analysts at Credit Suisse.
The The firm cut its rating on SWY from “Neutral” to “Underperform” with a $15 price target. That target suggests a 7% downside to the stock’s Monday closing price of $16.10.
Credit Suisse noted it expects the company to lag its peers in the supermarket/pharmacy space over the next several quarters.
Safeway shares posted small losses in premarket trading Tuesday.
The Bottom Line
Shares of Safeway (SWY) have a 4.35% dividend yield, based on last night’s closing stock price of $16.10. The stock has technical support in the $15 price area. If the shares can firm up, we see overhead resistance around the $18 price level.
Safeway Inc. (SWY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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