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Safeway Soars on Huge Sale of Canadian Division

Shares of Safeway (NYSE:SWY) rallied 10% Thursday morning after the supermarket chain revealed a lucrative deal worth a hefty $5.7 billion to unload its profitable Canadian operations to Sobeys.The price tag on the massive asset sale essentially matches Safeway's entire market capitalization of about $5.6 billion as of Wednesday's close.In the wake of the surprise transaction, analysts on Wall Street were mixed on whether the decision to exit Canada will ultimately be a positive for the grocery-store chain, especially after having already spun off its gift-card unit Blackhawk.J.P. Morgan Chase (NYSE:JPM) raised its price target on Safeway to $28 from $26, while Guggenheim upped its target to $30 from $23. Both brokerages kept a "neutral" rating on the stock.Other analysts were more cautious, with Citigroup (NYSE:C) downgrading Safeway to "neutral" from "buy.""We have felt for some time that any steps by Safeway to monetize Blackhawk and the Canadian businesses would serve to expose the...

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