The Globe and Mail reports in its Friday, Sept. 4, edition that TD Cowen analyst Brian Morrison is keeping his "hold" call and $35 share target for Empire intact. The Globe's David Leeder writes that analysts on average target the shares at $55.67. Mr. Morrison says in a note: "Empire is the last of the three grocers to report, and we forecast food same-store sales growth (up 1.5 per cent) to underperform Loblaw (up 1.8 per cent excluding retail health systems), but to outperform Metro (down 1.5 per cent due to Laval distribution centre strike). The key driver of our 13-per-cent forecast EPS growth we attribute to cost savings from closing its Calgary CFC, lower compensation costs, and a one-time pension benefit. Food retailing trends [remain] unchanged. Both Loblaw/Metro management stated on recent calls that consumers remain focused on value, and are purchasing increasingly more private label merchandise/trade down. The discount channel continues to grow faster than the conventional channel, and while promotional activity is heightened, the pricing environment remains rational. We believe investors will inquire if Empire is seeing similar trends, especially with its footprint more heavily geared toward conventional."