Goldman Sachs Downgrades Kroger and Albertsons Stock. It’s About More Than the Reopening.

SourceCNBC
SectorFinancial Markets
CountryMiddle east

Text size

The Covid-19 pandemic offered a boon to supermarkets, as lockdowns and job losses meant many more people were eating at home. Yet headwinds are coming for the group,

Goldman Sachs

warns.

Analyst Kate McShane lowered her rating on

Kroger

stock (ticker: KR) to Sell from Neutral on Tuesday, and cut her price target to $31 from $37. She also downgraded

Albertsons

(ACI) to Neutral from Buy and took her target to $20 from $23.

Kroger is down 3.7% to $35.99 in recent trading.

Albertsons is off 2.2% to $18.44, although the shares have risen more than 41% since Barron’s recommended them...read more...