RBC rates Kraft Heinz Outperform with a $32 price target

On Thursday, 17 September 2026, RBC Capital Markets initiated coverage of Kraft Heinz with an Outperform rating and a $32 price target. RBC argued that the packaged food company is approaching a return to growth that the broader market is underestimating.

Analyst Nik Modi told investors that a divisional review and industry contacts point to real change across the business. He noted that the full benefits will become more evident in 2027. Modi projects 0.9% organic revenue growth for that year, which sits above the Wall Street consensus of 0.4%, alongside above-consensus earnings.

According to Modi, the company is reinvesting $700 million into pricing, innovation, and marketing. He highlighted new products such as PowerMac and Capri Sun Hydrate, which he said address actual consumer demand instead of merely defending shelf space. He added that retailer feedback described the 2027 product pipeline as strategically focused and robust.

The analysis also addressed broader market concerns surrounding Kraft Heinz. These include the impact of GLP-1 weight-loss medications, competition from private-label brands, and the potential sale of shares by Berkshire Hathaway.