KHC - Why Investors Soured on Kraft Heinz Stock Thursday
Food stock Kraft Heinz (NASDAQ: KHC) had a tough day Thursday. Although it was an upbeat day for stocks generally, investors sold off Kraft Heinz to the point where it closed more than 6% lower. A recommendation downgrade from a veteran bank was the main reason for the dive.
UBS analyst Cody Ross got the ball rolling downhill Thursday morning, when he lowered his recommendation on Kraft Heinz stock to sell from the previous neutral. He also cut his price target, which now stands at $34 per share; it was previously $40.
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Why Investors Soured on Kraft Heinz Stock Thursday