Albertsons Companies: Hold Rating Amidst Stabilized EBITDA, Growth Challenges, and Strategic Financial MovesWe are Equal-weight rated as we see a balanced risk/reward with ~45%/~33% upside/downside to our bull/bear cases and ~4% upside to our unchanged $20 PT. We believe adjusted EBITDA is set to stabilize in '25e, but expect any growth in ‘26e and beyond to be muted and subject to the competitive environment, which is intensifying. With ID sales growth of 2.2%, core grocery ID sales, excluding Pharmacy, decelerated modestly Q/Q (we estimate to - 0.1% in 2Q25 from +0.5% in 1Q25), as unit declines offset inflation, and we do not expect to see an acceleration near-term.