Krispy Kreme (NASDAQ:DNUT) shares are on the rise today after Wall Street came to the doughnut and coffeehouse chain’s defense post yesterday’s tumble on disappointing second-quarter numbers.
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Today, Bank of America’s Sara Senatore has reiterated a Buy rating on the stock alongside a $19 price target. The analyst believes Krispy Kreme is gaining traction in markets outside the U.S. and expects it to witness outsized growth in Canada and Japan.
Additionally, Senatore noted that in the U.S. market, Krispy Kreme saw relatively stable unit sales and its price and mix was actually “better than for the industry.”
Further, JP Morgan too has stuck to its Buy rating for the stock and expects an increase in accessibility to help the company clock gains in the worldwide indulgence market.
Overall, the Street has a $16.86 consensus price target on Krispy Kreme alongside a Moderate Buy consensus rating. While shares of the company have dropped nearly 15.6% over the past month, the consensus price target pegs the potential upside in the stock at roughly 29%.
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