Cantor Fitzgerald Reiterates Hold Rating, $23 PT for Kroger

In a report published earlier today, Cantor Fitzgerald L.P. reiterated its Hold rating and $23.00 price target for The Kroger Co. KR. Cantor Fitzgerald went on to say “We believe that Kroger struck the right balance between price investment and top-line growth in the latest quarter and managed to deliver a significant earnings beat as a result. While all elements of Kroger's "Customer First" strategy were in display in 1Q:12, we caution against getting too carried away with the latest earnings. Tonnage growth and pre-tax income remained flat in 1Q. We expect relatively flat growth at the operating income level over the balance of the year.” The Kroger Co. closed yesterday at $22.58.