Why Krispy Kreme Stock Dove 16% on Friday
Following the publication of its first-quarter results on Thursday morning, investors bailed from Krispy Kreme (NASDAQ: DNUT) stock.
On Friday, it was apparent that analysts were finding the stock distasteful, too. On the back of two pundit price target cuts, the donut slinger's share price eroded again, posting a Friday decline of more than 16%. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) traded essentially flat on the day.
Well before market open that day, Evercore ISI analyst David Palmer got the ball rolling with an updated take on Krispy Kreme. He changed his price target to $3 per share, quite the modification given his previous level was $9. He didn't change his recommendation on the beleaguered comestibles company, though, as he still rates it an in-line (hold, in other words).
Source Fool.com
