Weekly Investment Analysts’ Ratings Changes for Kellogg Company (K)
A number of stock research firms have changed their ratings and price targets for Kellogg Company (NYSE: K) during the last seven days:
- Kellogg Company had its “hold” rating reaffirmed by analysts at Deutsche Bank. They now have a $64.00 price target on the stock, up previously from $63.00.
- Kellogg Company was upgraded by analysts at Goldman Sachs from an “underperform” rating to a “neutral” rating. They now have a $55.00 price target on the stock, down previously from $58.00. They wrote, “Since peaking on 10/29/13, Kellogg has underperformed the SPX by 10% and the food group average by 5%. With the stock now trading at 13.7x our 2015 EPS estimate, we no longer see sufficient downside to maintain an Underweight rating. Thus, although we continue to see risk to the story, we think the risk is more priced in than it used to be, and we upgrade to Neutral.”
- Kellogg Company was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating. They now have a $55.00 price target on the stock, down previously from $58.00.
- Kellogg Company had its price target lowered by analysts at Jefferies Group from $63.00 to $62.00.
- Kellogg Company had its “neutral” rating reaffirmed by analysts at Zacks. They now have a $61.00 price target on the stock. Zacks‘ analyst wrote, “Kellogg’s fourth-quarter 2013 adjusted earnings of $0.83 per share beat the Zacks Consensus Estimate by a penny and increased 18.8% as the softer top-line performance was offset by overhead cost savings and lower taxes. Revenues fell 1.7% once again due to lower volumes in the U.S. snacks and cereals businesses. However, Kellogg has strong fundamentals with its solid brand positioning, geographic diversity and significant investments behind innovation, marketing and supply-chain initiatives. We are also encouraged by the growth potential, diversification and international presence that the Pringles deal provides. However, the strained cereal and snacks categories keep us on the sidelines. Though the new cost savings plan, Project K, will free up funds for brand building, innovation and overall growth, it would easily take a couple of years before it delivers substantial results.”
Shares of Kellogg Company (NYSE:K) traded down 0.53% on Wednesday, hitting $59.55. 668,850 shares of the company’s stock traded hands. Kellogg Company has a one year low of $55.69 and a one year high of $67.98. The stock has a 50-day moving average of $59.86 and a 200-day moving average of $61.32. The company has a market cap of $21.617 billion and a P/E ratio of 12.12.
Kellogg Company (NYSE:K) is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods.
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