Wells Fargo upgraded Kroger stock to “overweight”
Shares of Cincinnati-based grocery store giant Kroger Co (NYSE:KR) are 1% higher at $55.92, after landing a bull note from Wells Fargo. The Wall Street brokerage upgraded KR to “overweight” from “equal weight” and lifted its price target to $65 from $58, citing improving fundamentals and “potential for a huge buyback.”
On the charts, Kroger stock is climbing back towards its April 3, annual high of $58.33. Though its still well below its all-time high of $62.78 — touched in April 2022 — KR still boasts an 18.2% year-over-year lead and a 23.6% year-to-date gain.
For those looking to speculate on KR’s next move with options, now could be the ideal time. The security’s Schaeffer’s Volatility Index (SVI) of 21% sits in the relatively low 17th percentile of its 12-month range. In other words, options traders are pricing in relatively low volatility expectations right now.