Kraft Heinz price target lowered to $38 from $42 at BofA

BofA lowered the firm’s price target on Kraft Heinz to $38 from $42 and keeps a Buy rating on the shares. The overall tone from quarter-end checks for most companies across the analyst’s consumer staples coverage universe sounded more cautious than in Q1, which “makes sense” given softer retail sales trends, as well as continued weakness in China and boycotts related the conflict in the Middle East for multinationals, the analyst tells investors in an earnings preview note for the group. The firm notes it is reducing growth estimates to better reflect industry conditions.