Exane BNP Paribas downgraded Kroger to Underperform from Neutral with a $48 price target. After a period of strong earnings growth, the outlook for U.S. grocery is “tougher,” the analyst tells investors in a research note. With the Federal Trade Commission highlighting how much earnings have increased, the industry will be keen to “take the sting out of the conversation and competition will partially reverse,” the analyst tells investors in a research note. Exane sees a more challenging outlook for Kroger and Ahold.
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