Buckingham analyst Eric Larson reiterated his Buy rating and $71 price target on Kellogg, saying he believes continued broad-based acceleration in underlying revenue fundamentals, strong emerging market exposure, favorable margin expansion opportunities and balanced capital reallocation are not fully discounted in current valuation. Larson tells investors in a research not that while near-term headwinds and comps are pressuring earnings, strong marketing reinvestment strategies are working and should improve Kellogg's sales and earnings outlook for 4Q19 and in 2020.