Jefferies Downgrades Safeway Inc. From Buy To Hold (SWY)

In a recent report by Jefferies, it has downgraded Safeway Inc. SWY from a Buy rating to Hold due to negative data received from Jefferies' proprietary store manager survey. Jefferies details the survey results, “Last week, we noted an uptick in promotional activity in our pricing surveys. Now, our store manager survey appears to confirm this data with about 60% of the respondents at Safeway and Supervalu (SVU, $11.08, Hold) indicating that the promotional climate has gotten worse over the last several weeks.” Jefferies has also lowered Safeway's price target from $26 to $25. Safeway Inc. is currently trading at $24.75.