Kroger price target raised to $78 from $73 at Guggenheim

Guggenheim raised the firm’s price target on Kroger (KR) to $78 from $73 and keeps a Buy rating on the shares. Progress is being made to restore food volume growth and reduce significant e-commerce losses, though work remains to close the top-line gap with key mass/club competitors, the analyst tells investors. The firm’s “longstanding” Buy rating is supported by Kroger’s defensive positioning amid macro uncertainty and $6B of share buyback financial firepower during the next 18 months, the analyst added.