The firm is 'bullish' on Kroger without the Albertsons' deal, but if the deal is completed, they like it even more. Here's why.
The grocery business is ripe for investment, and Kroger is a good way to play it even if it isn't able to complete its acquisition of Albertsons , according to Bernstein. Analyst Dean Rosenblum said he's bullish on Kroger without the deal, seeing 25% potential upside for the stock from Tuesday's close. But if the deal is completed, Rosenblum likes it even more.
That said, it may require the company to sell off some stores in order to make sure there isn't too much consolidation in any local markets. He said the merger will create a strong player with a near-national reach and better operating margins. If for some reason, the deal doesn't close. Rosenblum expects Albertsons shares will be worth $19. On Tuesday, shares closed at $21.07, which means investors are still pricing in a good deal of skepticism.
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