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Safeway’s Target, Estimates Cut at Goldman Sachs (SWY)

By Dividend.com,  June 18, 2012, 08:53:05 AM EDT

Supermarket chain operator Safeway Inc. ( SWY ) on Monday caught some bearish commentary from analysts at Goldman Sachs.

The firm maintained its "Sell" rating on SWY and lowered its price target to $17. That new target suggests a 5% downside to the stock's Friday closing price of $17.97. Goldman Sachs also cut its earnings estimates for the company, noting it's buying back debt instead of stock.

Safeway shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Safeway ( SWY ) have a 3.90% dividend yield, based on Friday's closing stock price of $17.97. The stock has technical support in the $16-$17 price area. If the shares can firm up, we see overhead resistance around the $20-$21 price levels.

Safeway Inc. ( SWY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: SWY



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