Kraft produced above consensus 2Q11 EPS of 62c (+5c) and raised full year EPS guidance by 5c to EPS of “at least $2.25”. However, the big news of the day came with KFT announcing its intention to split the co. into two separate entities; a Global Snacks business and a North American Grocery business. Reiterate our Buy and increase target price to $42.
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