Piper Sandler upgraded Krispy Kreme (DNUT) to Overweight from Neutral with a price target of $20, up from $14, following last week’s announcement of a national partnership with McDonald’s (MCD). The partnership is a “game changer” for the business, says the analyst, who expects to see the narrative around Krispy Kreme start to improve from here. The firm says $20 is a reasonable way to think about where the stock can go over the next 12 months, which represents 40% upside from current levels.
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