- BofA analysts Robert Ohmes and Kendall Toscano upgraded Kroger Co (NYSE:KR) to Buy from Neutral with a price target of $75, up from $61, implying a 22% upside.
- The analysts noted that elevated food inflation should continue for at least the next six months.
- The analysts added that the price increases are passed on to the U.S. consumers, given a 6% year-over-year rise in hourly earnings.
- They think that the broad-based inflation could drive consumers to retailers, seeking more variety as consumption shifts towards value.
- Ohmes and Toscano believe the compounding inflation levels will result in a significant EPS upside for the retailer.
- Price Action: KR shares are trading higher by 2.99% at $61.67 on the last check Friday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
BofA Turns Bullish On Kroger - Read Why
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks