Kroger's Price Targets Cut Post-Q3: Analysts Adjust Estimates Amid Sales Dip And Market Challenges
Portfolio Pulse from Lekha Gupta
Following Kroger Company's (NYSE:KR) Q3 results, several analysts have lowered their price targets due to a slight sales decline and market challenges. The company reported a 0.7% sales dip to $33.96 billion but slightly beat the consensus estimate of $33.92 billion. Kroger raised the lower end of its full-year adjusted EPS guidance. Stephens analyst Ben Bienvenu cut the price target to $50 from $52, and BMO Capital Markets analyst Kelly Bania maintained a target price of $45. Morgan Stanley also reduced its price target to $46 from $48. Despite the adjustments, KR shares are trading slightly higher.
December 01, 2023 | 6:49 pm
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Analysts have lowered price targets for Kroger Company after Q3 results showed a sales decline, despite a marginal beat on estimates and raised EPS guidance. Shares are currently trading slightly higher.
While the reduction in price targets typically suggests a bearish outlook, the impact is likely neutral in the short term as the shares are trading higher and the company raised the lower end of its EPS guidance, indicating some positive sentiment.
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