Kraft Heinz Company (KHC) PT Lowered to $34 at Jefferies

Jefferies analyst Rob Dickerson lowered the price target on Kraft Heinz Company (NASDAQ: KHC) to $34.00 (from $35.00) while maintaining a Hold rating.

The analyst comments "Ahead of KHC's Q2 results, U.S. tracked channel data shows retail sales down ~3%, with pressure widespread across many brands, including Lunchables, Kraft, Oscar Mayer, and more. Well-documented QSR/foodservice traffic softness could add further pressure to the N.A. business. KHC's portfolio remains too broad, limiting company reinvestment focus and increasing necessity of divestment, in our view. We lower '24 org growth / EPS estimates and reiterate HOLD."

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