Kraft Heinz hit a new 52-week low Thursday and remained lower midday following a sell-side price target cut.
Kraft Heinz (NASDAQ:KHC) shares were down 3.4%, while S&P 500 consumer staples index was flat.
It set a new low of $27.25 intraday.
Credit Suisse (SIX:CSGN) lowered its price target on the stock to $26 from $33, saying there is little visibility on whether the company can move past its regulatory problems with financial controls yet.
“(W)e fear that the dramatic reduction in Kraft Heinz’ headcount after its merger (approx. -28%) may have played a role in the breakdown of internal controls,” it added.
