BofA reinstated coverage of Albertsons (ACI) with a Neutral rating and $22 price target following the termination of the merger agreement in which Kroger (KR) would have acquired the company. The firm believes that Albertsons’ focus on building customer lifetime value through pharmacy, digital, and loyalty initiatives supports its long-term outlook, but near-term upside could be limited as pharmacy mix/margin pressures and investments in digital continue.
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