Kraft (KFT) Downgraded to Neutral at JPMorgan, Sees Product, Market-Share Issues

Shares of Kraft (NYSE: KFT) are hanging onto positive territory in pre-market action despite being downgraded by an analyst at JPMorgan earlier. The stock last traded at $31.01.

JPMorgan now rates Kraft shares a Neutral, down from Overweight previously, and also reduced the stock's price target from $38 to $34.

The firm believes that Kraft's North American units will continue to "languish" amid product and market-share issues which "will not be quickly resolved." JPMorgan calls the loss of a recent licensing agreement with Starbucks (Nasdaq: SBUX) is a major issue.

JPMorgan reduced its FY11 EPS estimate from $2.26 to $2.22, which compares to the Street estimate of $2.24.

Visit our Analyst Ratings page to track all the market-moving upgrades/downgrades on shares of Kraft.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Morgan Stanley Downgrades oOh!media (OML:AU) to Equalweight
• HSBC Downgrades Gerdau S.A. (GGBR4:BZ) (GGB) to Hold
• Deutsche Bank Downgrades Straumann Holding AG (STMN:SW) (SAUHF) to Hold