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Fly News Breaks for October 10, 2019
Oct 10, 2019 | 07:09 EDT
Jefferies analyst Christopher Mandeville downgraded Kroger to Hold from Buy with a price target of $26, down from $29. Following the stock's 15% rally in three months, the analyst is "checking out" as his confidence in Kroger's long-term grocery strategy and management's ability to effectively communicate "wanes." The company's customer fulfillment center strategy is a "costly, time consuming venture" with high risk in a nascent market, Mandeville tells investors in a research note. The analyst also sees no drivers for notable comp progress in fiscal 2020.