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- BofA analysts Robert Ohmes and Kendall Toscano upgraded Kroger Co 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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