Simply Good Foods Company (SMPL) is upgraded to Hold after a prolonged decline and weak FY 2026 results. SMPL reported net sales down 6.5% for FY 2026, with Q4 accelerating to a 9.7% drop and significant brand impairment charges. Management guides for FY 2027 net sales to fall 13–17%, with double-digit price hikes aiming to support margins but risking further volume declines.