Kraft Heinz downgraded to Neutral from Outperform at Mizuho

Mizuho analyst John Baumgartner downgraded Kraft Heinz (KHC) to Neutral from Outperform with a price target of $31, down from $38. The firm says the company made arguer investments in brand building and analytics, but its U.S. market shares are weakening as center-store volumes soften. Kraft’s Q3 earnings reduced expectations for growth in 2025, but its reinvestments may drive modest downside versus Street EBIT estimates, the analyst tells investors in a research note. Mizuho expect range-bound trading amid macro and execution uncertainty.