Bernstein analyst Alexia Howard downgraded Kraft Heinz (KHC) to Market Perform from Outperform with a price target of $31, down from $34. The company continues to lose share in several of its legacy U.S.-focused brands, the analyst tells investors in a research note. The firm says that while Kraft will be lapping the impact of the adverse Consumer Reports article on Lunchables in April, and the stock-keeping units that were having supply chain struggles came back online in February, it still sees ongoing declines in volumes across four big banners: Lunchables, Kraft Mac and Cheese, Capri Sun, and Oscar Mayer.
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