Among the downgrades, J.P. Morgan analyst Ken Goldman titled his report, "Flat, shrunk, and levered is no way to go through life." He went on to say they would have kept their overweight rating, "if we still had confidence in the company's strategy."
Stifel's Christopher Growe said, "As the conference call pressed on in the evening, the severity of the bad news seemed to only increase and we believe this will manifest itself in a very weak performance for the shares today."
"In light of its $15B write-down on its key Kraft and Oscar Mayer brands, we are not confident it can build or maintain brand equity needed to compete in today's consumer environment in a sustainable, compelling way, " said PiperJaffray's Michael Lavery in his earnings downgrade recap note.
"The magnitude of the 4Q18 miss and 2019 guidance outlook shortfall were beyond any prediction...while we recognize our downgrade to equal weight is likely not informative at this stage, there is simply too much uncertainty for us to continue to recommend the stock," wrote Barclays Andrew Lazar.
Here's what the major analysts said: