Morgan Stanley downgraded Kraft Heinz (KHC) to Underweight from Equal Weight with a price target of $24, down from $27. The firm says the U.S. food sector faces rising competitive risk as value-focused pricing, promotions, and private label momentum reaccelerate into 2026. These add to “already present” sales pressures and limit the scope for margin recovery, the analyst tells investors in a research note. Morgan Stanley believes Kraft Heinz “faces particularly acute risk” given its outsized private label penetration.
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