Three glazed donuts are pictured on top of a Krispy Kreme box.
Glazed Krispy Kreme doughnuts.
  • Krispy Kreme stock was downgraded due to the growing popularity of GLP-1 weight loss drugs.
  • Patients taking GLP-1 drugs like Ozempic, Wegovy, and Mounjaro feel fuller faster and eat less food.
  • Krispy Kreme "will be stuck in a holding pattern... as the initial impact of GLP-1 use becomes more apparent," Truist said.

The growing popularity of GLP-1 weight loss drugs is poised to weigh down food stocks going forward, according to Truist Securities.