UPDATE: Goldman Sachs Reiterates Sell Rating, Raises PT on The Kroger Company

In a report published Monday, Goldman Sachs Group reiterated its Sell rating on The Kroger Company

, and raised its price target from $21.00 to $23.00. Goldman Sachs noted, “Kroger Co. (KR) hosted an investor conference in New York on October 16 where management raised its long-term EPS growth target from 6%-8% to 8%-11% (inclusive of buybacks). The new range reflected five factors: 1) management's confidence in the industry-leading position it has developed over the past decade; 2) increased capex towards new store growth, primarily in fill-in markets; 3) developing a digital presence; 4) leveraging insights to target the growing value-conscious customer; and 5) improving the core. Management also reiterated its FY12 ID sales (ex fuel) guidance of 3%-3.5% and noted that 3Q IDs and tonnage are currently trending above the run-rate at the start of the quarter.” The Kroger Company closed on Friday at $25.13.