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Fly News Breaks for May 12, 2016
MDLZ, GIS, K
May 12, 2016 | 07:26 EDT
Citi analyst David Driscoll reiterates Kellogg (K) as his top pick in packaged foods after hosting meetings with management. The opportunity for margin led earnings improvement at Kellogg "is massive," Driscoll tells investors in a research note. The company is also a "prime" takeout candidate, the analyst contends. He views Kellogg, General Mills (GIS) and Mondelez (MDLZ) as likely buyout candidates and has a $120 per share takeout value for Kellogg. The stock closed yesterday down 19c to $76.18. Driscoll has a Buy rating on the cereal maker with a $90 price target.
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