Citi analysts recently had a conversation with The Kroger Co KR CFO Mike Schlotman, and Director of IR, Kate Ward. Following these chats and the company’s slight top and bottom line first quarter beats, the analysts decided to trim their estimates and price target, while maintaining a Buy rating on the stock.
Related Link: Citi Forecasts Food Price Inflation For Food Retailers
The analysts lowered EPS estimates for 2017 to 2019 by $0.02, $0.04, and $0.05, respectively, citing “updated trends and guidance.” The firm now models:
- 2017 EPS of $2.23
- 2018 EPS of $2.44
- 2019 EPS of $2.63
In addition, Citi reduced its price target on shares of Kroger by $3, mainly seeking to reflect its “lower target multiple due to multiple contraction by the peer group, and to a smaller extent,” the firm’s modestly cut-down estimates. Citi has a $44 price target on shares of Kroger.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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