11:52 AM EDT, 05/17/2024 (MT Newswires) -- On May 16, Loblaw ( LBLCF ) hosted a supplier summit in Toronto, featuring presentations from executive members. Loblaw ( LBLCF ) participants included Galen Weston, Chairman; Per Bank, President and CEO; Richard Dufresne, CFO,

Major topics included accelerating square footage growth (in discount and Shoppers Drug Mart), ongoing cost reduction efforts (supply chain, supplier collaboration, etc.) and other initiatives.

National's impression is that President and CEO Per Bank is building upon Loblaw's ( LBLCF ) strengths, and moving quickly to implement initiatives which have been successful in other regions as per his past experience, analyst Vishal Shreedhar writes.

Shreedhar also spoke with several suppliers regarding Loblaw's ( LBLCF ) operations and did not detect heightened concern regarding public discourse on a boycott. That said, suppliers acknowledged that a definitive conclusion was premature.

"We maintain a favourable view on Loblaw ( LBLCF ) and recommend it as our preferred grocer."

Maintain Outperform rating; price target is $159

Price: 156.23, Change: -0.84, Percent Change: -0.53