Citigroup (NYSE:C) Downgrades A&P on Bankruptcy Announcement

Citigroup (NYSE:C) lowered its rating on A&P after the company filed for bankruptcy protection on Sunday. They lowered them from "Hold" to "Sell."

Before the announcement Citigroup had had a price target on them of $3 a share. On Friday the stock closed at 93 cents.

The financial institution sees the move as probably being "good for the food retail industry if it accelerates consolidation in a heavily saturated food retail market.”

Some peers that may benefit from the event, according to Citigroup, are SuperValue (NYSE:SVU), Ahold’s Stop & Shop and Ahold and Delhaize. They suggested the benefit based on the assumption of some stores being sold.