We reiterate our Neutral recommendation on Safeway Inc. (NYSE:SWY) with a target price of $23.00.
We note that the retail environment is quite challenging. Consumer spending on durable products has been very weak. In the face of economic uncertainty and price competition, Safeway has been witnessing sluggish revenue growth over the past few quarters.
Although the improved ID store sales were a reflection of an improved economic scenario, considering the nearly 4.7% retail inflation during the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards