Kraft Heinz price target lowered to $34 from $36 at TD Cowen

TD Cowen lowered the firm’s price target on Kraft Heinz (KHC) to $34 from $36 and keeps a Hold rating on the shares. The firm noted management expanded the list of struggling brands to five wrote down the value of Lunchables and warned that they do not expect to achieve their 2-3% algorithm at any time next year. The bad news increases the probability of more portfolio reshaping to come.