As previously reported, Credit Suisse analyst Robert Moskow downgraded Kraft Heinz to downgraded to Underperform from Outperform saying he harbors serious doubts about the management team's ability to generate sufficient product innovation to grow its collection of "retro" brands in highly commoditized categories. While Kraft Heinz stock has devalued considerably since the start of the year, the analyst believes it will head lower still as consensus sales and EBITDA estimates revise down. Moskow also lowered his price target on the stock to $55 from $77.

Bullish option flow detected in Kraft Heinz with 6,559 calls trading, 1.0x expected, and implied vol increasing over 1 point to 23.05%. 6/7 weekly 42 calls and Dec-24 40 calls are the most active options, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 0.24. Earnings are expected on May 1st.