JPMorgan believes shares of Krispy Kreme are now floundering in "survivor mode." In a Wednesday note, the bank downgraded the donut chain to an underweight rating from neutral. Analyst Rahul Krotthapalli did not provide a price target for the stock. Shares of Krispy Kreme have plunged 62% this year. Krotthapalli noted that the stock has "vastly underperformed" since going public at $17 per share in July 2021. DNUT YTD mountain DNUT YTD chart Krotthapalli noted that Krispy Kreme's recent profitability hit was from the now-canceled partnership with McDonald's . Krispy Kreme CEO Josh Charlesworth cited unsustainable costs as a major reason for the partnership ending. "This disruption led to the company being in survivor mode, including the sale of various store assets around the world and an

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