🚀 ProPicks AI Hits +34.9% Return!Read Now

Kroger Gains Following BofA Upgrade

Published 08/04/2022, 15:56
© Reuters
KR
-

By Sam Boughedda

Investing.com -- Kroger Company (NYSE:KR) shares are gaining Friday after BofA analyst Robert Ohmes upgraded the company's shares from Neutral to Buy, increasing the price target to $75 from $61.

In a research note, the analyst said that elevated levels of grocery inflation should continue to at least the first half of 2023, which could drive "significant EPS upside" for Kroger. 

However, Ohmes sees US consumers accepting the majority of price increases as US hourly earnings have risen 6%.

The analyst added that broad-based inflation is moving consumers to retailers with more variety as people divert their consumption, which suggests Kroger's market share trends could improve.

Kroger shares have climbed 3.29% Friday morning, adding to Thursday's gains.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.