Kroger Co (NYSE:KR, XETRA:KOG) shares closed more than 8% lower on Thursday after the grocery retailer reported first-quarter results that largely met expectations and reaffirmed its full-year outlook, while investors looked for greater clarity on planned investments and cost savings.

Jefferies analysts maintained a ‘Buy’ rating on the stock and a $74 price target, describing Kroger’s strategy as becoming more defined under CEO Greg Foran.

“Kroger’s Q1 results were in-line with expectations, with identical sales excluding fuel up 1% led by e-commerce, fresh products and private-label…