The shares of Kraft Heinz Co (NASDAQ: KHC) are down 2.1% at $38.15 this morning after J.P. Morgan Securities downgraded the packaged foods producer to "neutral" from "overweight." The analyst said it has no valuation rationale to recommend the stock, and while it sees some additional upside for KHC, it's not enough for the previous "overweight" rating. 

This blow has KHC tumbling from a two-year high of $39.22, touched during yesterday's session. The equity has been chopping higher since last March's plummet, and just recently pushed past pressure at the $36 region, with help from the 200-day moving average. Year-over-year, KHC is up roughly 40%. 

Coming into today, analysts were split on the equity, with six carryings a "strong-buy" rating, and four saying "hold." Meanwhile, the 12-month consensus price target of $37.44 is a 2% discount to last night's close. 

Option traders, meanwhile, have been incredibly bullish. At the Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 9.23 calls have been picked up for every put over the last 10 weeks. This ratio stands higher than 93% of readings from the past year, suggesting a healthier-than-usual appetite for long calls of late.