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Here are the biggest calls on Wall Street on Thursday:
Guggenheim said in its downgrade of the stock that it was concerned that Kraft Heinz is continuing to lose share even as other food companies thrive during the coronavirus pandemic.
"As the pandemic worsens in the United States and across many emerging markets, we think that food companies will generally benefit for longer than previously expected. While KHC is also benefiting from elevated retail sales, the company portfolio continues to lose share in most segments, reinforcing our cautious fundamental thesis. We are downgrading KHC to SELL, as the current valuation doesn't reflect the risks we continue to see in the name. We are increasing our estimates for MDLZ, K, and KHC with increased sales growth in FY20."
Bank of America upgraded the stock ahead of the company's earnings report on Friday and said it expects "multi-year outsized growth" from the casual restaurant hospitality operator.
"In an early June update, BLMN noted recent U.S. comps were down 25% at Outback, 21% at Carrabba's, 41% at Bonefish, and 45% at Fleming's. Industry same store sales improved over the next few weeks since that update but have reversed modestly in July as Covid cases have picked up (and California shut dining rooms). BLMN is benefitting from 1) better off-premise performance than we expected, 2) advantages of scale, and 3) a shake-out of competitors amid a challenging environment."