Kraft Heinz price target lowered to $30 from $34 at Jefferies

Jefferies lowered the firm’s price target on Kraft Heinz (KHC) to $30 from $34 and keeps a Hold rating on the shares. U.S. tracked channel data suggests volume declines and share losses accelerated in Q4, with “iconic brands” such as Lunchables, Maxwell House, Heinz and Classico seeing volumes drop by double-digit percentages year-over-year, reports the analyst. It is “unclear” why management would pull back so much on promotional activity during the busiest at-home time of the year, “other than to preserve profitability,” the analyst added.