Krispy Kreme price target lowered to $3.60 from $4.75 at Citi

Citi analyst Jon Tower lowered the firm’s price target on Krispy Kreme (DNUT) to $3.60 from $4.75 and keeps a Neutral rating on the shares following the Q1 report. The firm says it is difficult to have confidence in forecasting given how “opaque the model has been from the start” and how the business has shifted over the past four years. Cutting the dividend is the proper move for a business with this current level of uncertainty, but this signal to the market is likely to keep investors sidelined, the analyst tells investors in a research note.