Shares of Krispy Kreme (NASDAQ:DNUT) soared today, which may be attributed to an analyst upgrade. Indeed, Bill Chappell of Truist changed his rating on the stock from Hold to Buy.
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Chappell believes that Krispy Kreme will “post meaningful volume growth in 2023.” He points to accelerating growth internationally, along with the company’s partnership with McDonald’s (NYSE:MCD), as the catalysts that will make this happen.
Taking a look at the last five trading days, it’s easy to see how the impact that today’s news had on DNUT stock. Although shares were on a slight uptrend, they were mostly moving sideways until today’s jump. As a result, investors are up over 11% during this timeframe.