UPDATE: Jefferies Lowers PT on Kroger to $27

Jefferies is out with its report today on Kroger KR, lowering its PT to $27 from $28. In its report, Jefferies writes, "Recent Nielsen data indicating a decrease in volumes, coupled with signs that the consumer is balking at higher prices, at least to a degree, are serving to further increase our caution on the food vertical. Now it appears even the venerable Kroger has seen volume growth decelerate, although still better than the industry, which in part has caused us to reduce our outlook." Jefferies maintains Buy on KR. Shares of KR closed Tuesday at $23.06.