date:Nov 01, 2013
In a report published Thursday, Canaccord Genuity analyst Alicia Forry downgraded the rating on Kraft Foods Group from Buy to Hold, but reiterated the $59.00 price target.
In the report, Canaccord Genuity noted, Q3 results reveal a mixed message. EPS excluding a gain was $0.70, ahead of consensus of $0.68, but revenue was c. 4% light. Kraft grew volumes on an underlying basis ahead of the market (+1% vs. market -0.5%), as innovation began to pay off. However, traffic to retailers has fallen sha