Edward Kelly, an analyst from Wells Fargo, maintained the Buy rating on Kroger Company (KR – Research Report). The associated price target remains the same with $73.00.
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Edward Kelly has given his Buy rating due to a combination of factors including the recent appointment of David Kennerly as Kroger’s CFO. Kennerly’s extensive experience at PepsiCo, particularly in senior finance roles, positions him well to contribute positively to Kroger’s leadership, ensuring a smooth transition and minimizing any potential disruptions.
Kelly also notes that although there was no update on Kroger’s Q4 guidance, there is no anticipated risk to the company’s expectations for EBIT growth. Additionally, the current market conditions, along with strategic opportunities such as the ACI deal break, present a favorable environment for Kroger to enhance earnings growth, especially with its shares being undervalued. These factors collectively support the Buy recommendation.
Kelly covers the Consumer Defensive sector, focusing on stocks such as Kroger Company, Walmart, and Target. According to TipRanks, Kelly has an average return of 8.6% and a 63.44% success rate on recommended stocks.
In another report released yesterday, Evercore ISI also reiterated a Buy rating on the stock with a $75.00 price target.