UK: Merrill improves Safeway rating in response to Asda news

Safeway's share rating was improved from 'reduce' to 'neutral' today (8 September) following the departure of Allan Leighton from his post as CEO for Wal-Mart Stores in Europe.Sara Carter, Merrill analyst, explained: "We think leaving Allan Leighton leaving is a bit of a blow for Asda, and we think that Safeway will be a beneficiary. (So) it's not advisable to stick with a 'reduce' recommendation."

September 7, 2000

Safeway’s share rating was improved from ‘reduce’ to ‘neutral’ today (8 September) following the departure of Allan Leighton from his post as CEO for Wal-Mart Stores in Europe.

Sara Carter, Merrill analyst, explained: “We think leaving Allan Leighton leaving is a bit of a blow for Asda, and we think that Safeway will be a beneficiary. (So) it’s not advisable to stick with a ‘reduce’ recommendation.”