: Kraft Heinz and J.M. Smucker win upgrades as analysts say weight-loss drug-driven fears are overdo

Bernstein analysts upgraded Kraft Heinz Co.’s stock KHC to outperform from market perform on Tuesday, and upgraded J.M. Smucker Co. SJM to market perform from underperform and said the selling of the two stocks amid concerns they will be hurt by the proliferation of a new class of weight-loss drugs is overdone. In 2022, U.S. food companies got a boost from a flight to safety and “surprisingly solid price elasticities,” analysts led by Alexia Howard wrote in a note to clients. Then in 2023,...