Investors eating up Kroger’s performance
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- Terry Hollahan
- Editor- Memphis Business Journal
- Email | Twitter | LinkedIn
If you want to see a stock triple in about 27 months you invest in a high-flying tech stock, right?
A grocery store chain might do the trick, too.
Analysts are upgrading their outlook for The Kroger Co. (NYSE: KR) following its quarterly report yesterday that showed earnings and same-store sales blew past estimates.
Kroger is the largest grocery store operator in Memphis and is investing millions in new and renovated grocery stores here.
Deutsche Bank noted the company's improved margins on gasoline sales and maintained its Buy rating, giving a bullish long-term outlook. In a research note to investors, Deutsche Bank said it sees "further upside given our expectation for continued share gains and steady earnings growth for years."
Telsey Advisory Group initiated coverage of Kroger today with an Outperform rating.
Shares of Kroger hit a new intra-day high of $61.33 and closed Friday at $60.98. The stock closed at a mere $22.28 on July 31, 2012.
Kroger also announced a 12 percent dividend increase in September.
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