Kraft Heinz down after Piper Sandler downgrades to 'neutral'
** Shares of Kraft Heinz KHC.O drop ~1% to $30.87
** Piper Sandler downgrades the Jell-O maker to "neutral" from "overweight", cuts PT to $35 from $40
** Brokerage says co's retail sales and volume growth momentum in the U.S. remains pressured
** Says while co's food service initiatives could drive growth, they won't be enough to mitigate weak retail sales trends
** Last month, KHC tempered its FY forecast for organic sales and profit as repeated price hikes hurt demand for branded products such as Lunchables meal kits
** Co is no longer making packaged lunch brand Lunchables for low-income students receiving free and reduced-price meals due to weak demand, in a blow to one of its best-known products
** Avg rating of 23 brokerages covering stock is "hold"; their median PT is $36 - LSEG
** Up to Monday's close, stock had fallen ~16% YTD
Reporting by Joel Jose in Bengaluru
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