Why Kraft Heinz Slid 7% Lower Thursday Afternoon
Shares of The Kraft Heinz Co. (NASDAQ: KHC), one of the world's largest food and beverage manufacturers, slid as much as 7% lower Thursday afternoon, after Goldman Sachs slapped a sell rating on the stock.
Let's put a little more context around this development. It should be noted that Goldman Sachs merely moved its neutral rating down to sell, without moving its price target any lower. The unchanged price target suggests that Goldman Sachs believes Kraft's roughly 25% run-up over the past three months left it overvalued. Goldman Sachs has a $29 price target, which Kraft Heinz had easily topped over the past three-month run, and after today's decline its price sits closer to that target.
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Source Fool.com
