Wall Street analysts said they are expecting big things from Safeway — but not until after its merger with Albertsons later this year. Most saw the company’s first-quarter results as disappointing. “Safeway’s merger with Albertsons may be an issue of strategic necessity,” Ajay Jain, an analyst with Cantor Fitzgerald, New York, said, “[and] Cerberus may have its work cut out. “Safeway’s operating margin of around 70 basis points in the first ...

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