Morgan Stanley lowered the firm’s price target on Kraft Heinz (KHC) to $39 from $44 and keeps an Equal Weight rating on the shares. The firm’s analysis of retail channel sales data suggests that consumers are trading down to lower priced retail channels and that retailers such as Walmart (WMT) are gaining market share as consumers look for savings. Within the mass/club channel, private label is gaining market share and the firm identifies Kraft Heinz, General Mills (GIS), Campbell Soup (CPB) and Kellogg (K) as most affected by this dynamic, while calling out Conagra Brands (CAG) as least affected among its Packaged Food coverage.
Published first on TheFly
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Read More on KHC:
- Kraft Heinz price target raised to $48 from $45 at Goldman Sachs
- Kraft Heinz raises FY23 EPS view to $2.83-$2.91, consensus $2.72
- Kraft Heinz reports Q1 EPS 68c, consensus 60c
- Whole Earth Brands announce new executive appointments, amends credit agreement
- Kraft Heinz price target lowered to $45 from $46 at Deutsche Bank
