Bank of America Securities analyst Robert Ohmes reiterated a Buy rating on Kroger Company (KR – Research Report) on June 20 and set a price target of $75.00.
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Robert Ohmes has given his Buy rating due to a combination of factors including Kroger’s strong financial performance in the first quarter. The company’s adjusted earnings per share exceeded expectations, and identical store sales, excluding fuel, showed significant growth. This was supported by a notable increase in digital sales, which rose by 15%. Additionally, the sale of Kroger Specialty Pharmacy contributed positively to the gross margin, despite a slight decline in net sales year-over-year.
Ohmes also highlights Kroger’s reaffirmed earnings guidance and increased identical sales forecast, which indicate a positive outlook for the company’s financial health. The continued momentum in Kroger’s digital and fresh product offerings, along with the success of its private label brands, suggests strong customer loyalty and potential for future growth. Furthermore, Kroger’s strategic initiatives, such as the planned launch of new products and cost-saving measures, position the company well for long-term success.
According to TipRanks, Ohmes is a 5-star analyst with an average return of 8.4% and a 55.90% success rate. Ohmes covers the Consumer Cyclical sector, focusing on stocks such as Lowe’s, O’Reilly Auto, and Dollar General.
In another report released on June 20, Telsey Advisory also maintained a Buy rating on the stock with a $73.00 price target.
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