Wall Street firm Truist Securities is betting that consumers will still buy Krispy Kreme doughnuts amid the surge in weight-loss drugs like Novo Nordisk's Ozempic.
While the demand for weight loss drugs continues to surge, one Wall Street firm is betting that Americans' love for doughnuts is too strong to give them up. Truist Securities on Monday upgraded Krispy Kreme to buy from hold, with analysts led by Bill Chappell saying that the negative impact of the glucagon-like peptide 1 drugs has already been reflected in the stock's current valuation.
Chappell said in a note that the firm's downgrade of Krispy Kreme last year was "due to the belief that the GLP-1 overhang on snack food companies would last for some time." However, Chappell said they believe "this thesis has largely played out." GLP-1 agonists are a class of Type 2 diabetes drugs that improves blood sugar control but may also lead to weight loss.
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