The Globe and Mail reports in its Wednesday, Jan. 24, edition that National Bank Financial analyst Vishal Shreedhar has reaffirmed his "outperform" recommendation for Loblaw. The Globe's David Leeder writes that Mr. Shreedhar gave his share target a $6 boost to $149. Analysts on average target the shares at $144.88. Mr. Shreedhar says in a note: "We estimate Q4/23 food store inflation of 4.9 per cent versus 7.2 per cent last quarter. In December, inflation moderated to 4.7 per cent; we expect further moderation, reflecting a decline in the price of major inputs and base effects. Our review of peer commentary suggests: (I) Inflation moderated further; (ii) Ongoing cautious consumer spending behaviour (trade-down, discount, private label, etc.); (iii) Higher promotional penetration, although we understand promotional intensity is largely unchanged; and, (iv) Margin headwinds from shrink (albeit moderating sequentially). ... We continue to maintain a favourable view on Loblaw and recommend it as our preferred grocer supported by several key themes: (1) Benefits from management's improvement initiatives; (2) Ongoing stable EPS growth, and (3) Favourable trends in discount and drug store (where Loblaw over-indexes)."