Wells Fargo downgraded Kroger (KR) to Equal Weight from Overweight with a price target of $68, down from $70. The firm is turning more cautious and moving to the sidelines. While Wells sees opportunity under new leadership, it also expects investment against an already challenged grocery backdrop in 2026. The firm sees near-term earnings risk with muted core growth at best. Risk/reward is unappealing, Wells adds.
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