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Kroger Gains Following BofA Upgrade

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By Sam Boughedda

Investing.com -- Kroger Company (NYSE:KR) shares are gaining Friday after BofA analyst Robert Ohmes upgraded the company's shares from Neutral to Buy, increasing the price target to $75 from $61.

In a research note, the analyst said that elevated levels of grocery inflation should continue to at least the first half of 2023, which could drive "significant EPS upside" for Kroger.

However, Ohmes sees US consumers accepting the majority of price increases as US hourly earnings have risen 6%.

The analyst added that broad-based inflation is moving consumers to retailers with more variety as people divert their consumption, which suggests Kroger's market share trends could improve.

Kroger shares have climbed 3.29% Friday morning, adding to Thursday's gains.

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