Morgan Stanley Sees Balanced Start To 2014 For Kraft Foods Group
In a report published Friday, Morgan Stanley analyst Matthew Grainger reiterated an Overweight rating and $60.00 price target on Kraft Foods Group (NASDAQ: KRFT).
In the report, Morgan Stanley noted, “While organic sales of -2.4% (+0.5% ex-timing factors) may have been below consensus, we believe it was broadly in line with investor expectations. Given both higher pricing and perhaps ~200 bps of Easter timing benefit, Q2 should be much improved (MSe 4%) and offer a stronger normalized indicator across 1H. Cheese results were also encouraging, offsetting weakness across a number of other segments (we would hope to see a more balanced profile going forward).”
Kraft Foods Group closed on Thursday at $56.69.
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