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On Tuesday, BMO Capital Markets updated its outlook on Empire Company Limited (EMP/A:CN) (OTC:EMLAF), increasing the price target to Cdn$53.00, up from the previous target of Cdn$48.00. The firm maintained a Market Perform rating on the stock.
Analysts at BMO Capital Markets anticipate a positive trend in the company’s same-store sales (SSS), projecting an increase to +3.2% from the previously forecasted +2.7%. This figure surpasses the consensus estimate of +2.6% among other analysts. The expected rise in SSS marks the fourth consecutive quarter of quarter-over-quarter improvement.
The report issued by BMO suggests that the consumer grocery shopping habits have remained relatively stable since early 2025. However, the analysts noted an acceleration in food inflation on a quarter-over-quarter basis. They also highlighted that Empire Company is comparing against a weaker fourth quarter in the 2024 fiscal year.
Additionally, BMO analysts raised questions regarding the recent trends in consumer behavior, specifically whether the ’Buy Canadian’ trend, which has been prevalent, might be starting to decline.
The new price target of Cdn$53 reflects an adjustment in the target multiple to 16.5 times from 15 times the estimated earnings per share (EPS) for the fiscal year 2026. Empire Company is scheduled to report its fourth-quarter results on June 19, before the market opens.
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