Kroger price target lowered to $46 from $48 at Roth MKM

Roth MKM lowered the firm’s price target on Kroger to $46 from $48 but keeps a Neutral rating on the shares after its Q3 results. The quarter had more headwinds than tailwinds as ID sales decelerated, gross margin expansion faded, and disinflation continued, the analyst tells investors in a research note. Kroger’s fuel profitability per gallon is also “unsustainable” and has contributed about $370M or about $0.39 per share year to date in excess profits, the firm adds.