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Why Grocery Outlet's Stock Is Trading Higher Today

Grocery Outlet (NASDAQ: GO) shares are trading higher on Tuesday after reporting first-quarter earnings.

Benzinga · 05/12/2020 18:45

Grocery Outlet (NASDAQ: GO) shares are trading higher on Tuesday after reporting first-quarter earnings.

Grocery Outlet reported quarterly earnings of 36c cents per share, which beat the analyst consensus estimate of 25 cents. The company reported quarterly sales of $760.3 million, which beat the analyst consensus estimate of $755.59 million.

Deutsche Bank maintained a Buy rating and raised its price target from $42 to $43. Morgan Stanley maintained an Equal-Weight rating, but raised its price target from $38 to $41.

Grocery Outlet is a grocery store operator in the U.S. Its buying model allows the company to offer quality, name-brand opportunistic products at prices generally 40% to 70% below those of conventional retailers.

Grocery Outlet shares were trading up 3.48% at $37.95 on Tuesday. The stock has a 52-week range between $47.57 and $27.75.

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