BUZZ-Street View: Kraft Heinz 2024 growth hinges on marketing spend, US food benefits

Reuters05-02

** Kraft Heinz Co missed Wall Street estimates for first-quarter sales on Wednesday, signaling inflation-weary consumers were pushing back against its higher-priced branded lunch combos, mac and cheese, and meat cold cuts

SECOND HALF TO CARRY THE LOAD

** Jefferies ("hold", PT: $35) says given the consumer pressures and volume softness KHC is facing, higher promotional spend is needed to stimulate demand

** TD Cowen ("hold", PT: $36) says the year still "looks ok" but the path towards 2-3% growth by the fourth quarter could get complicated, especially if the low-income consumer weakens more

** J.P. Morgan ("neutral", PT: $38) says it's difficult to be more constructive on co's outlook, given challenges at away-from-home unit, higher inflation in some key commodities, and need for KHC to step up marketing more than anticipated

** Piper Sandler ("neutral", PT: $42) says their analysis indicates the decline in the benefits draw-down of the U.S. government's supplemental nutrition assistance program $(SNAP)$ is more gradual and hence may extend headwinds into mid-2024

(Reporting by Gokul Pisharody in Bengaluru)

((Gokul.Pisharody@thomsonreuters.com))

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