Kraft Heinz price target raised to $29 from $27 at Wells Fargo

Wells Fargo raised the firm’s price target on Kraft Heinz (KHC) to $29 from $27 and keeps an Equal Weight rating on the shares. Per the Wall Street Journal, Kraft is considering a spin of “a large chunk of its grocery business” valued up to $20B. The firm notes that the math suggests this may be about separating “Taste Elevation” from everything else. Wells could see a sum-of-the-parts case here but with ample debate.