Kroger price target lowered to $50 from $52 at Stephens

Stephens lowered the firm’s price target on Kroger (KR) to $50 from $52 and keeps an Equal Weight rating on the shares after the company reported Q3 results. Kroger raised the low end of FY23 guidance for EPS, but lowered expectations for same-store sales growth, which implies Q4 same-store sales that are more negative year-over-year than previously anticipated, the analyst says. Kroger also said it continues to expect the merger with Albertsons (ACI) to close in Q1 of 2024, the analyst noted.