Kraft Heinz downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Steve Powers downgraded Kraft Heinz (KHC) to Hold from Buy with a price target of $35, down from $39. The firm cites reduced growth and profitability assumptions into fiscal 2025 and over the medium-term for the downgrade. Although Kraft Heinz’s valuation “arguably remains depressed or attractive” relative to the market, Deutsche now sees a more protracted path to a sales recovery that likely pushes out any meaningful positive catalysts, the analyst tells investors in a research note.