One Wall Street analyst isn't buying management's turnaround plan.

Shares of donut maker Krispy Kreme ( DNUT -3.62% ) fell on Wednesday, down as much as 10.2%, before reverting to a 3.6% decline on the day.

Krispy Kreme has had a tough 2025, which has seen the stock plunge 64% on the year. Tepid sales, falling profits, and the cancellation of a high-profile partnership with McDonald's have all been headwinds for the company.

Today, a Wall Street analyst piled on, lowering his rating on the stock from neutral to underweight, following the company's recent unveiling of its turnaround plan .

J.P. Morgan says to sell the turnaround enthusiasm

For reference, Krispy Kreme unveiled its turnaround efforts on Aug. 7, during its second-quarter earnings. The plan has several compon

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