UPDATE: Citi Raises Price Target on Kroger to $24

According to Citi, Kroger (NYSE: KR) price target is raised to $24.

Citi said that Kroger reported 3Q11 EPS of $0.33 per diluted share, above the estimate of $0.31 and consensus of $0.32, and vs. $0.32 last year. “We were impressed with KR's strong expense management, in addition to its favorable expectations for EPS growth in 2012. However, we expect the competitive environment to remain difficult as food retailers compete for share of the consumer's limited wallet.”

Kroger closed yesterday at $23.37.