Oppenheimer Remains Bullish after Visits to Various Kroger (KR) Stores

Oppenheimer reiterates an Outperform rating and $80.00 price target on Kroger (NYSE: KR) after visiting a stores. After visiting stores in variouse markets from Texas, to Arizona, to Michigan, analyst Rupesh Parikh has not identified anything noteworthy.

Parikh commented, ”In mid-March, we identified pricing actions by KR in the natural/organic category within the Denver, CO market. Since then, we have visited a number of markets from Texas to Michigan to Arizona and have not identified anything noteworthy from a pricing perspective within the natural/organic category. In late May, we visited a KR store in the Columbus, OH market and noted signage within the store similar to what we saw on our CO visits advertising price cuts in natural/organic. It remains to be seen whether KR takes similar actions in more markets over time. We believe temporary and/or permanent reductions in certain markets like CO can be matched by SFM, WFM and others. More widespread actions can potentially harm margins for all.”

For an analyst ratings summary and ratings history on Kroger click here. For more ratings news on Kroger click here.

Shares of Kroger closed at $71.01 yesterday.

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