Kraft Heinz: shares drop after downgrade, target price cut

(CercleFinance.com) - Kraft Heinz shares are currently down 0.
8% at 60.4 dollars on Monday after Credit Suisse downgraded the stock and slashed its price target for the share from 77 dollars to 55 dollars.

The broker has cut its rating from "outperform" to "underperform" and has reduced its earnings estimates, saying that the group is prioritizing growth rather than margins.

"While Kraft Heinz stock has devalued considerably since the start of the year, we believe it will head lower still as consensus sales and EBITDA estimates revise down," the broker wrote in a note.

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