Kroger price target lowered to $70 from $78 at Wells Fargo

Wells Fargo analyst Edward Kelly lowered the firm’s price target on Kroger (KR) to $70 from $78 and keeps an Overweight rating on the shares. Q3 was a touch better than expected, but negative sentiment on grocery is hard to outrun and investors seem unconvinced following the update, the analyst tells investors in a research note. The firm leans more positive against cautious positioning and big repo, but it’s hard to get “too excited.”