Kraft Heinz Company (KHC) PT Lowered to $32 at Goldman Sachs

Goldman Sachs analyst Leah Jordan lowered the price target on Kraft Heinz Company (NASDAQ: KHC) to $32.00 (from $34.00) while maintaining a Sell rating.

The analyst comments "KHC traded down -3.1% (vs S&P 500 -0.3%) after 3Q results revealed soft US Retail trends while the recovery will likely take longer than expected given competitive pressures. As a result, the company lowered FY24 guidance and indicated next year should be below algorithm. Given ongoing volume weakness coupled with price gap challenges, we believe incremental promotional activity should continue to pressure margins. We reiterate our Sell rating for KHC with an updated price target of $32."

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