The Globe and Mail reports in its Tuesday, April 16, edition that National Bank Financial analyst Vishal Shreedhar is sticking with his "outperform" recommendation for Loblaw. The Globe's David Leeder writes in the Eye On Equities column that Mr. Shreedhar boosted his share target by $3 to $156. Analysts on average target the shares at $155.22. Mr. Shreedhar says on May 1 Loblaw is expected to report first quarter 2024 financial results with signs of "steady execution," thanks to a "moderation" in food store inflation and a "resilient" performance from Shoppers Drug Mart. Mr. Shreedhar is currently projecting earnings per share of $1.67, which is three cents below the consensus forecast on the Street but up 12 cents from the same period a year ago. He attributes the 7.3-per-cent year-over-year increase to "positive food retail (FR) same-store sales growth (SSSG), continued momentum in Shoppers Drug Mart (SC), benefits from Loblaw's ongoing growth/efficiency programs, and share repurchases." Mr. Shreedhar says in a note: "We calculate Q1/24 inflation of 2.9 per cent versus 4.9 per cent last quarter. In February, 2024, Statistics Canada reported that food store inflation moderated to 2.4 per cent."