Financial analyst reports aren't usually riveting reads, but there was a notable exception after Safeway's recent conference call that discussed its Blackhawk Network gift card venture. “Then came the bombshell, and it was called Blackhawk,” wrote analyst Perry Caicco at CIBC World Markets. “Essentially, Blackhawk appears to be the most attractive business model we have ever seen,” wrote John Heinbockel and fellow analysts at Goldman Sachs. Meanwhile, Edward Kelly and Jay Carlington of ...

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