Guggenheim analyst Laurent Grandet lowered his price target for Kraft Heinz to $29 from $32 due primarily to lower earnings. The analyst believes the plans incoming CEO Miguel Patricio lays out and the actions he takes in the first 90 days will be crucial to determining the fate of Kraft Heinz in the longer term, including rebasing and over-investing, selling assets, and further reducing the dividend. Grandet reiterates a Neutral rating on the shares given his expectation of more "bad news" and the uncertainly around what Patricio will actually do when he takes the helm next week.

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.