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Jefferies reiterates its Hold rating on The Kroger Company
KR but reduces its price target from $27 to $25.
Jefferies comments, "Kroger reported a better than expected 1Q, but the operating performance gives us pause. EBITDA $'s were essentially flat even though KR pulled forward pension expenses into last year. We are also cautious given the increasing store opening activity from WMT, along with its rejuvenated EDLP strategy. Despite back half expectations that may be too high, KR's strong store execution and market share remain enviable."
KR closed at $22.81 on Friday.
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