Pivotal Research analyst Ajay Jain upgraded Kroger to Buy with an unchanged price target of $25.

The supermarket owner closed yesterday up 28c to $21.34. Continued weakness in investor sentiment following Kroger's latest results presents a near-term buying opportunity, Jain tells investors in a research note.

The analyst, while admitting it is difficult to call an absolutely bottom amid an increasingly competitive operating environment, says the stock's risk/reward is "finally improving."