Kraft Heinz price target lowered to $24 from $26 at Piper Sandler

Piper Sandler lowered the firm’s price target on Kraft Heinz (KHC) to $24 from $26 and keeps a Neutral rating on the shares. The firm believes Kraft Heinz’s strategic pivot to step up investments in its brands and capabilities is the right thing for the business and is long overdue. New CEO Steve Cahillane has the right experience, but the repair job at Kraft Heinz is a significant one after years of underinvestment. The company’s U.S. retail sales momentum remains pressured, with further headwinds expected from the implementation of SNAP work requirements, just getting underway now, Piper adds.