Krispy Kreme upgraded to Buy at Truist on volume growth, FX tailwinds

As previously reported, Truist upgraded Krispy Kreme to Buy from Hold with a price target of $20, up from $15. The analyst contends that Krispy Kreme is one of the few packaged good companies that will post meaningful volume growth in 2023, with most companies set to face decelerating or declining growth as they lap large price increases taken in 2022. With approximately 30% of sales coming from international markets, primarily in the EU, Krispy Kreme should also be viewed as a prime beneficiary of currency shifts in the second half of the year, the firm added.