HSBC analyst Sorabh Daga last night upgraded Krispy Kreme to Buy from Hold with an unchanged price target of $14. The company announced the sale of its majority stake in Insomnia Cookies and is moving towards a leaner structure, the analyst tells investors in a research note. With faster debt repayment, the firm estimates Krispy Kreme’s leverage could come closer to 3-times by the end of 2025, from 4-times currently. Deleveraging should shift value from debt to equity holders, contends HSBC.
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