Kraft Heinz price target lowered to $38 from $39 at UBS

UBS analyst Peter Grom lowered the firm’s price target on Kraft Heinz to $38 from $39 and keeps a Neutral rating on the shares. Kraft Heinz reported Q4 sales and EBITDA that missed expectations, with FY24 guidance largely bracketing consensus forecasts, the analyst tells investors in a research note. UBS views the guidance range as achievable, but with the shares now trading at a -26% discount to Packaged Food peers, would wait for greater visibility that there is sufficient upside to forecasts for a more favorable opportunity before becoming constructive.