The Globe and Mail reports in its Thursday, March 7, 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 lowered his share target to $39 from $38. Analysts on average target the shares at $39.50. Mr. Li believes "ongoing pressures on consumer spending will continue to weigh on [Empire's] results in the near term given its limited exposure to discount." Mr. Li says in a note: "Empire has limited near-term catalysts. We expect the shares to be range-bound until the consumer improves. Our positive view is based on Empire's large discount to peers (approximately 11 times forward P/E vs 16–17 times for Loblaw and Metro), which we believe is unwarranted assuming it can achieve 8– to 11-per-cent EPS growth in the longer term once market conditions normalize." Mr. Li is now projecting adjusted earnings per share for the quarter of 61 cents, which is four cents below the consensus on the Street, on same-store sales growth of 1.2 per cent. The Globe reported on Sept. 19 that Mr. Li had reiterated his "buy" recommendation for Empire when it could be had for $37.23.