Kraft Heinz downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Kraft Heinz (KHC) to Neutral from Overweight with a price target of $35, down from $40. The firm notes that its prior thesis of improving retail momentum with incremental foodservice initiatives depended on improving retail, but that hasn’t materialized, the analyst tells investors in a research note. The stock is now at 52-week lows, and while the timing of the downgrade may prove wrong, Piper needs visibility and confidence in better U.S. retail momentum to remain positive, the firm adds.