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Benzinga
Benzinga
Business
Shivani Kumaresan

BofA Turns Bullish On Kroger - Read Why

  • BofA analysts Robert Ohmes and Kendall Toscano upgraded Kroger Co (NYSE:KRto 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.
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