"However, we believe that EBITDA has not yet found a floor. In our view, the company has under-invested in multiple areas and now faces renewed cost pressure in dairy, and potentially protein next year." "We see little opportunity for new net-cost savings (net of investment needs) and expect cost pressure to be only partially passed through successfully, translating into sustained EBITDA erosion," English added. Kraft Heinz shares were marked 2% lower Thursday to change hands at $32.21 each, a move that extends the stock's year-to-date gain to around 25.2% and values the Chicago, Illinois-based group at around $40.5 billion. Late last month, Kraft Heinz said it was making "good progress" on in identifying the root causes of its past performance amid a wide-ranging turnaround plan under new CEO Miguel Patricio, and posted stronger-than-expected third quarter earnings that were driven in large part by favorable currency market gains and lower tax rates.