UPDATE: Jefferies Raises PT on Kroger to $28

Jefferies is out with its report today on Kroger KR, raising its PT from $27 to $28. In a note to clients, Jefferies writes, "Kroger reported better-than-expected 1Q results driven largely by strong ex-fuel ID sales and solid cost control. It is evident that the company continues to execute well and take share. However, we believe KR's strong results are not necessarily indicative of broader improvement in the industry, but rather a reflection of KR-specific actions. While industry trends do not appear to be worsening, macro headwinds clearly remain. Our PT of $28 (from $27) is just over 12x our FY13 estimate, in line with historical averages." At the time of posting, shares of KR were trading pre-market at $24.04, up 0.21% from Thursday's close.