JPMorgan lowered the firm’s price target on Kroger to $58 from $60 and keeps an Overweight rating on the shares post the Q1 report. The analyst thinks the company’s outlook for Q2 is conservative. The firm appreciates why the stock is traded off, but says it is still better right now to own food retailers than food manufacturers “for a variety of reasons.” Importantly, Kroger theoretically might have raised guidance if not for higher incentive compensation, JPMorgan contends.
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