HSBC initiated coverage of Kraft Heinz with a Hold rating and $38 price target. The analyst expects brand equity, successful innovation, and effective ESG ambitions “to continue fostering sector resilience” for the packaged food and household products groups. The firm prefers defensive sectors for wealth preservation during economic turmoil. In packaged food, it prefers Mondelez, and in household products, it prefers Procter & Gamble.
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