Kroger price target raised to $58 from $50 at Wells Fargo

Wells Fargo raised the firm’s price target on Kroger to $58 from $50 and keeps an Equal Weight rating on the shares. The company’s Q4 update provides evidence of a bottoming in recent grocery challenges, which supplements the “idiosyncratic benefit” from an eventual Albertsons (ACI) deal resolution, the analyst tells investors in a research note. The firm says that while the recent stock performance gives it pause “with wood still to chop,” but Kroger’s outlook has improved.