Kraft Heinz price target lowered to $18 from $19 at BNP Paribas

BNP Paribas lowered the firm’s price target on Kraft Heinz (KHC) to $18 from $19 and keeps an Underperform rating on the shares. U.S. packaged food valuations “look cheap relative to history,” but the firm believes they are “cheap for a reason” and it lowered targets for several companies in the group to account for volume growth that “looks to be muted at best” and pricing power that “could be somewhat illusory.”