Who says stocks of grocery stores are boring?
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Kroger KR -1.00% ▼ is proving to be exciting, having gained 18% year-to-date in what has been an otherwise down market. KR stock was up 4% on March 6 after the grocery retailer posted strong quarterly financial results that bucked perceptions the U.S. economy is slowing down.
The company announced earnings per share (EPS) of $1.28, which beat analysts’ consensus forecast of $1.20. Revenue in the period of $34.73 billion was largely inline with Wall Street forecasts. Management also provided bullish forward guidance, which gave the stock an added pop.
Analysts Boosts Targets on KR Stock
KR stock has also benefited from a rotation among investors into blue-chip companies and consumer staples, and away from riskier bets such as technology stocks and cryptocurrencies. Investors appear to be seeking out safe havens amid rising market volatility and geopolitical uncertainty.
Following its latest print, KR stock received multiple analyst upgrades and price target boosts. These included Morgan Stanley MS +0.11% ▲ raising its target on Kroger’s stock to $73 a share from $67 previously. Similarly, Roth Capital lifted its price target on KR stock to $78 from $75 and reiterated a Buy rating.
Is KR Stock a Buy?
Kroger’s stock has a consensus Moderate Buy rating among 13 Wall Street analysts. That rating is based on eight Buy and five Hold recommendations issued in the last three months. The average KR price target of $75.42 implies 1.42% upside from current levels.
