By Sabrina Escobar
Kroger’s intended merger with rival Albertsons could limit declines in its stock, even as macroeconomic conditions get tougher for the grocery segment, Morgan Stanley says.
Analyst Simeon Gutman raised his rating for Kroger stock to Equal-Weight from Underweight on Tuesday and changed his price target to $46 from $44, arguing that the stock looked fairly balanced at its current price.
Shares of Kroger rose 2.3% to $46.25 on Tuesday, topping the S&P 500 ‘s 0.1% gain. Kroger stock is up 3.8% this year after losing close to 6% over the last year.
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