Story updates at 10 a.m. to reflect market activity.
Shares of Safeway fell 3% to $38.28 in morning trading.
The new price target is just above Safeway's Thursday closing price of $39.47. The increase follows an announcement that the grocery store operator has reached an agreement to be acquired by a private equity consortium led by Cerberus.Must read: Warren Buffett's 10 Favorite Dividend Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. SWY data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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