The Globe and Mail reports in its Tuesday, June 20, edition that Desjardins Securities analyst Chris Li has reaffirmed his "buy" recommendation for Empire. The Globe's David Leeder writes in the Eye On Equities column that Mr. Li continues to target the shares at $41. Analysts on average target the shares at $40.63. The Globe reports that Empire releases its fourth quarter 2023 financial results before the bell on June 22. Mr. Li cautions that "patience is required" for investors. Mr. Li says in a note: "We expect 4Q results to reflect continued challenges from high inflation driving shoppers to discount, an increase in competitive intensity and elevated e-commerce dilution, partly mitigated by Project Horizon benefits, which we believe are underappreciated by the market. We believe Empire's discounted valuation largely reflects near-term industry challenges. Moderation in inflation is key to improving results and sentiment, but it probably will not happen until at least 2H. ... We believe Empire's discounted valuation largely reflects industry challenges. Moderation in inflation is key to improving results and sentiment but it will likely take one to two more quarters."