The Globe and Mail reports in its Friday, March 15, edition that Desjardins Securities analyst Chris Li has reaffirmed his "buy" recommendation for Empire on the expectation that things will improve in the next fiscal year. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Li expects shares to be range bound until consumer spending improves. Mr. Li trimmed his share target by a loonie to $38. Empire posted fiscal third quarter results and guidance that highlighted the challenging macroeconomic environment -- especially when it comes to price-conscious consumers. Mr. Li says in a note: "We attribute Empire's underperformance partly to management's comments that adjusted EPS in Q4 will be similar to Q3. Macroeconomic pressures continue to weigh on consumers. Given Empire's high exposure to the higher-priced, full-service format, this is impacting same-store sales, with growth decelerating in the second half of 3Q and persisting into Q4. ... Our positive view is based on Empire's large discount to peers, which we believe is unwarranted assuming it can achieve 8 to 11 per cent EPS growth in the longer term once market conditions normalize."