Rising inflation is hitting many popular consumer products hard, and Kraft Heinz is no stranger to the trend, according to UBS.
Analyst Cody Ross downgraded the stock to a sell rating, citing risks from inflation and private label competition in a note to clients Thursday. "KHC is contending with one of the highest inflationary pressures over the next 12 months, increasing their need to take another round of price this year, which we believe is unlikely in light of WMT's and TGT's commentary last week," Ross wrote.
" Amid these pressures, Ross anticipates organic growth at the company will slow in 2023 and come in below estimates. The bank is also modeling $5.9 billion in adjusted EBITDA for 2023, below the Street's $6.1 billion expectation. Shares of the food and beverage company have jumped 10% this year but pulled back 7.4% this month. UBS cut its price target on the stock to $34 from $40 a share. That represents a 13.9% downside from Wednesday's close.
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