Krispy Kreme rises after J.P.Morgan upgrades to 'overweight'

Krispy Kreme

03/06/2024 16:17

** Shares of doughnut chain Krispy Kreme  DNUT.O  rise 3.6%
to $10.84 
    ** J.P.Morgan upgrades stock to "overweight" from "neutral" 
    ** "We view Krispy Kreme as a large & widely admired brand,
& we believe increased accessibility will allow the company to
more fully participate in the $650b 'global indulgence' market"
- brokerage
    ** "Stock has ~$850m of float at current levels and we
highlight much of this low-liquidity-driven pullback as
overdone, and see this dislocation as a compelling valuation
driven entry point for both near-/long-term oriented investors"
- J.P.Morgan 
    ** Six of 10 brokerages rate stock "buy" or higher and four
"hold"; their median PT is $16
    ** YTD, DNUT down 28%

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))