2023-03-22 07:55:03 ET
Krispy Kreme ( NASDAQ: DNUT ) shares rose on Wednesday after Truist hiked their rating on the restaurant chain to Buy from Hold.
Equity analyst Bill Chappell told clients that Krispy Kreme ( DNUT ) should be “one of the few packaged good companies that will post meaningful volume growth in 2023” as international growth accelerates. Additionally, the company’s expanded partnership with McDonald’s is expected to promote strong sales growth.
“We believe Krispy Kreme's iconic brand, refreshed strategy, and local/global expansion opportunities position the company well over the next few years,” he wrote.
The expansion into markets outside the US is also anticipated to provide an FX tailwind. Shares of Krispy Kreme ( DNUT ) rose 2.78% in premarket trading on Wednesday.
Read more on the expanded rollout to McDonald’s locations .
For further details see:
Krispy Kreme raised to Buy at Truist