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Topline
Truist cut its outlook Monday for shares of doughnut chain Krispy Kreme, citing the potential impact of weight loss and diabetes drugs like Ozempic, as potentially lower indulgence among Americans weighs broadly on food and beverage stocks.
Key Facts
Truist analyst Bill Chappell downgraded his rating for Krispy Kreme from a buy to a hold, and slashed his price target for the firm 35% from $20 to $13, attributing the change of heart to the “overhang” on packaged food stocks as a whole due to the recent surge in popularity of GLP-1 semaglutide drugs like Ozempic and Wegovy.
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