Jefferies keeps a Hold rating and $24 price target on Kraft Heinz (KHC) after the company announced that Steve Cahillane will become CEO on January 1 and will lead Global Taste Elevation Co. when the company splits. Given Cahillane’s recent experience leading a Kellogg’s split and then multi-national Kellanova to an acquisition by Mars, the firm thinks this move “further fans investor speculation about Taste Elevation being a potential deal target,” though the outlook remains clouded given weak consumer sentiment and incremental investment needs, the analyst says.
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