RBC Capital Cuts Price Target on Kroger (KR) to $37; Reiterates Sector Perform
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RBC Capital maintained a Sector Perform rating on Kroger (NYSE: KR), and cut the price target to $37.00 (from $39.00), ahead of the company's 2Q earnings report.
Analyst William Kirk commented, "We believe 2Q ID Sales and full-year EPS guidance are at risk. Deflationary pressures increased throughout the quarter, while the spread between PPI and CPI narrowed, creating a topline and margin headwind. Additionally, as outsized profits from fuel margin roll off in 3Q and ID Sales remain at levels that generate little leverage, we believe Kroger will revise guidance down again. Reiterate Sector Perform."
Shares of Kroger closed at $32.67 yesterday.
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