The Kroger Co. (KR), valued at a market capitalization of $39.8 billion, is a Cincinnati, Ohio-based food and drug retailer. It operates combination food and drug stores, multi-department stores, market stores and price impact warehouses.

This food retailer has lagged behind the broader market for the past 52 weeks. KR shares are up 3% over that time period, while the broader S&P 500 ($SPX) is up 14.3%. Also, year-to-date, the stock is up marginally, compared to the SPX’s 1.4% return.

Narrowing the focus, KR has also underperformed the State Street SPDR S&P Retail ETF (XRT), which gained 5.7% over the past 52 weeks and 1.2% on a YTD basis.

KR is expanding its Simple Truth Protein portfolio with the launch of 24 new products in January, bringing the total line to over 110 offerings. The expanded range is designed to meet a broad set of nutritional needs, from consumers looking to establish a consistent daily protein intake to those aiming to support increased strength and active lifestyles.

Meanwhile, KR shares fell 4.6% on Dec. 4 after reporting mixed third-quarter results. On a positive note, the company’s adjusted EPS rose 7.1% year over year to $1.05, beating consensus estimates by a penny. On the downside, however, its revenue of $33.9 billion, which grew marginally from the year-ago quarter, missed analysts’ expectations by 1.3%, weighing on investor sentiment.

For the current fiscal year, which ends in January, analysts expect KR’s EPS to grow 7.2% year-over-year to $4.79. The company’s history of earnings surprises is promising. It beat consensus estimates in each of the past four quarters.

Among the 22 analysts covering the stock, the consensus rating is a “Moderate Buy”, based on 12 “Strong Buy” ratings and 10 “Hold”.

The setup is more bullish than a month ago, with 11 analysts suggesting a “Strong Buy” rating.

On January 15, Morgan Stanley ( MS ) maintained an “Equal-Weight” rating on KR, but lowered its price target to $67, indicating a potential upside of 6.6% from current price levels.