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Fly News Breaks for August 29, 2016
KR
Aug 29, 2016 | 06:59 EDT
Citi analyst Alvin Concepcion believes Kroger is likely to meet Q2 earnings expectations but that its sales could fall short of estimates. Kroger is likely to post Q2 ID ex-fuel sales of 1.6%, below the consensus of 2.5%, due to worsening deflation, Concepcion tells investors in a pre-earnings research note. Volume was healthy, but likely not enough to offset the deflationary pressure, the analyst argues. The Q2 earnings release could drive further share weakness, which would present a buying opportunity, Concepcion writes. He lowered his price target for Kroger shares to $43 from $44 and keeps a Buy rating on the name.
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