Goldman Sachs analyst Jason English raised the firm’s price target on Kraft Heinz to $39 from $38 and keeps a Buy rating on the shares. The company reported weaker than expected sales and EBITDA in the quarter, with organic sales weakness driven primarily by North America, which was weighed down by trade inventory de-load, the analyst tells investors in a research note. Kraft’s management remains confident in driving volume growth in the back half of the year however as the company benefits from emerging markets, foodservice, and U.S. Grow platform, the firm added.
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