Argus analyst Chris Graja lowered his price target on Kellogg to $65 and also lowered his FY19 EPS outlook to $4.00 from $4.60 to reflect his assumption of lower pension income and higher tax rate than anticipated. The analyst is also keeping his Buy rating however, stating that while Kellogg's operating environment is challenging, it should benefit from cost saving initiatives and recent acquisitions as well as its geographic focus shift toward emerging markets. Graja adds that the company has reduced costs and is now focusing on growth initiatives amid changes in consumers' perceptions about food, shopping habits, and the retailer environment.