JPMorgan downgraded Krispy Kreme (DNUT) to Neutral from Overweight with an unchanged price target of $13. The analyst cites valuation for the downgrade with the shares up 26% year-to-date. The firm says the “much anticipated” McDonald’s (MCD) rollout seems to be a near term event with a portion of incremental capex allocated to the logistics of this evolving partnership.
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