Loblaw Downgraded to Buy After 30% Run

Analysts at TD Securities downgrade Loblaw LBLCF from "action list buy" to "buy." The target price for LBLCF is set to $51. TD Securities says, “Year to date, Loblaw has been the best performing stock in our coverage universe by a wide margin – i.e., the share price is up almost 30% since we upgraded on January 20th and up more than 7% since reporting Q2 consensus beating results on July 22. However, this strong performance also means that there is now less of a buffer in the event of temporary IT integration challenges and/or labour strife, both of which are possible in the coming quarters.” “As a result, we have found it increasingly difficult to pound the table as the price continues to hit new 52-week highs….That said, should the stock pull back meaningfully on these or other temporary events, it could provide a more attractive entry point and an opportunity to upgrade our recommendation again,” the analysts add. More Analyst Ratings here
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: DowngradesMarketsAnalyst RatingsTrading IdeasTD Securities
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!