Kroger's Near-Term Pain Creates Buying Opportunity
Parsing through the noise, we believe that the low-double-digit decline in Kroger’s shares is creating an opportunity for long-term investors to stock up on this narrow-moat name at a 20% discount to our valuation. In our view, the market is keying in on margin pressure with results (as underlying gross margins, excluding the extra week and fuel, were down 30 basis points), and management’s fiscal 2018 guidance implies that these headwinds are unlikely to abate. More specifically, Kroger expects...
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