Argus analyst Chris Graja maintained a Buy rating and $65 price target on Kellogg, saying he thinks shares are attractively valued. Graja tells investors in a research note that he remains concerned about the company's challenging operating environment, but expects it to benefit from cost-savings initiatives, as well as recent acquisitions, including RxBar, which makes protein bars with a few simple ingredients. The analyst lowered his 2019 EPS estimate to $4.00 from $3.85 to adjust for the divestiture of the cookie, pie crust, ice cream cone and fruit snack businesses, and reduced his 2020 estimate to $4.15 from $4.35.