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. The firm notes Q3 was a touch better than expected, but negative sentiment on grocery is hard to outrun and investors seem unconvinced following the update. Wells leans more positive against cautious positioning and big repurchase agreement, but it’s hard to get too excited.