Goldman Sachs analyst Jason English downgraded Kraft Heinz to Sell from Neutral with an unchanged price target of $29. The stock closed Wednesday up 32c to $33.30. The shares are up 15% since the company reported Q3 results on October 31, English tells investors in a research note. However, he believes Kraft Heinz's profit will continue to "shrink" and that its EBITDA "has not yet found a floor." The company has under-invested in multiple areas and now faces renewed cost pressure in dairy, and potentially protein next year, contends the analyst. Further, he sees little opportunity for new cost savings and expects cost pressure to be only partially passed through successfully, "translating into sustained EBITDA erosion."

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Backs FY24 organic net sales flat to up 2%. Backs FY24 adjusted operating income up 2%-4%. "Our Agile@Scale methodology continues to fuel reinvestment in the business, helping to deliver against our gross efficiency target. These reinvestments are powering innovation, brand superiority, disruptive marketing, sales excellence, and further productivity to drive growth." Abrams-Rivera continued, "As a result, we are reiterating our outlook for 2024 and remain confident in our ability to drive profitable growth."

Reports Q1 revenue $6.41B, consensus $6.43B. "I'm pleased that our strategic focus on unlocking end-to-end efficiencies and reinvesting in the business to drive sales growth continues to pay off," said Kraft Heinz CEO Carlos Abrams-Rivera. "Our first quarter results were in line with our expectations, with growth across each of our three strategic pillars - Global Away From Home, Emerging Markets, and North America Retail ACCELERATE Platforms - and continued sequential volume recovery. At the same time, we increased year-over-year operating income in the quarter."