BofA lowered the firm’s price target on Kraft Heinz to $40 from $48 and keeps a Buy rating on the shares. The firm is adjusting price objectives for several names in U.S. Consumer Staples to reflect rates and revised estimates. In the firm’s view, Q3 earnings season has “limited surprise potential” compared to the first half, with positive revision potential seen being highest for Household Product Personal Care, Beverages “more modest,” and Packaged Food “more of a mixed bag given volume weakness,” the analyst tells investors in a preview note.
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