Credit Suisse analyst Robert Moskow upgraded Kellogg to Outperform from Neutral with a price target of $78, up from $60. The analyst believes Kellogg's portfolio changes and reinvestment spending over the past two years will provide sustainable revenue growth, margin expansion, and high-single-digit earnings growth. He expects organic revenue growth above the peer rate of +2%, and thinks Kellogg's stock deserves a higher valuation than its consumer staples. Moskow raised his Q4 earnings estimate to 89c, versus consensus of 86c, 2020 to $3.97, versus consensus of $4.02, and 2021 to $4.21, versus consensus of $4.19.