Krispy Kreme price target raised to $18 from $16 at CL King

CL King analyst Todd Brooks raised the firm’s price target on Krispy Kreme to $18 from $16 and keeps a Buy rating on the shares. Krispy Kreme recently stated that it is roughly 90% hedged in its three major food-ingredients commodities for 2023 at close to half the rate of inflation it experienced in 2022, the analyst tells investors in a research note. CL King views it as likely to see lower-than-anticipated inflation or even deflation in 2H23 and heading into 2024.