Kraft Heinz price target lowered to $34 from $37 at Wells Fargo

Wells Fargo analyst Chris Carey lowered the firm’s price target on Kraft Heinz to $34 from $37 and keeps an Equal Weight rating on the shares. The firm notes the stock is under pressure, amongst the worst performing in core Food at a historically low valuation and trading at wide gaps to past avg vs peers. Following a deeper look, Wells concludes there are negative catalysts still, underlying pressure goes beyond recent discrete issues, and valuation is therefore not a catalyst.