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K

Kellogg

$62.86

0.155 (0.25%)

, CAG

Conagra Brands

$34.21

0.11 (0.32%)

12:31
10/06/17
10/06
12:31
10/06/17
12:31

Kellogg to acquire protein bar brand RXBAR for $600M

Kellogg (K) shares are in focus after the food maker announced it would acquire protein bar brand RXBAR for $600M. WHAT'S NEW: Kellogg said in a statement this morning that it has agreed to acquire Chicago Bar Company, maker of RXBAR, a line of clean-label protein bars made with a base of egg whites, fruit and nuts. The company also recently launched RXBAR Kids, which contain the same core ingredients as RXBARs, but in kid-friendly flavors and portions. Kellogg said RXBAR will continue to operate independently as a standalone business, and will be able to leverage Kellogg's scale and resources to continue driving its growth. FINANCIAL TERMS: The purchase price of the acquisition, which is expected to close by year-end, is $600M, or approximately $400M net of tax benefits. RXBAR's net sales are expected to be approximately $120M in 2017 and Kellogg expects the multiple on projected 2018 EBITDA to be in the range of 12-14x, inclusive of the tax benefits to the purchase price. Excluding one-time costs, the acquisition is expected to be immaterial to EPS in 2017 and 2018. "EXCELLENT STRATEGIC FIT": Kellogg CEO Steve Cahillane commented that "RXBAR is a unique and innovative company. Its values, people and cutting-edge approach represent an exciting opportunity for our business. Adding a pioneer in clean-label, high-protein snacking to our portfolio bolsters our already strong wholesome snacks offering. RXBAR is an excellent strategic fit for Kellogg as we pivot to growth.With its strong millennial consumption and diversified channel presence including e-commerce, RXBAR is perfectly positioned to perform well against future food trends. Kellogg and other processed food makers have been dealing with weak sales amid a growing preference by consumers for healthier foods, and has been making changes to its offerings by removing artificial ingredients and introducing healthier foods. Several of Kellogg's peers have also been buying healthier brands, including Conagra (CAG), which recently acquired Angie's Artisan Treats, and Campbell Soup (CPB), which previously said it would buy organic soup maker Pacific Foods. PRICE ACTION: PRICE ACTION: Kellogg is up fractionally to $62.81 in early afternoon trading.

K

Kellogg

$62.86

0.155 (0.25%)

CAG

Conagra Brands

$34.21

0.11 (0.32%)

CPB

Campbell Soup

$46.48

-0.11 (-0.24%)

K Kellogg
$62.86

0.155 (0.25%)

09/19/17
09/19/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Under Armour (UA, UAA) downgraded to Underperform from Market Perform at Wells Fargo with Wells Fargo with analyst Tom Nikic saying with consumers having filled their closets with athletic wear over the past seven years, the category "appears poised to take a breather for now." The analyst cut his price target for the shares to $13 from $17. 2. Kellogg (K) downgraded to Neutral from Overweight at Piper Jaffray with analyst Michael Lavery saying cereal could be at risk from shrinking center store space. 3. Nike (NKE) downgraded to Neutral from Positive at Susquehanna saying that his checks indicate that the North American and European businesses are decelerating as some key categories, especially basketball, have underperformed, resulting in excess inventory that will pressure sales and margins. 4. Synchronoss (SNCR) downgraded to Underperform from Outperform at Raymond James with analyst Tavis McCourt citing the news that Siris Capital is no longer interested in an all-cash transaction for all the outstanding shares of the company and has withdrawn its $18 per share bid from June 22. Further, the analyst believes it increasingly unlikely that the current strategic review will result in an acquisition at a premium and expects share to come under pressure and stay in the range prior to the Siris indication of interest. 5. Sony (SNE) downgraded to Neutral from Outperform at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/17
PIPR
09/19/17
DOWNGRADE
Target $72
PIPR
Neutral
Kellogg downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Michael Lavery downgraded Kellogg (K) to Neutral saying cereal could be at risk from shrinking center store space. Recent comments by Kroger (KR) and Campbell Soup (CPB) indicate retailer pushback is a real threat to packaged food suppliers, Lavery tells investors in a research note. He adds that scanner data suggests Kellogg's sales trends are worse than expected in both snacks and cereal. The analyst dropped his price target for Kellogg to $72 from $78.
07/26/17
JEFF
07/26/17
NO CHANGE
Target $50
JEFF
Buy
Hain Celestial management would sell at right price, says Jefferies
After hosting investor meetings with management, Jefferies analyst Akshay Jagdale performed additional work to quantify Hain Celestial's (HAIN) strategic value. The analyst believes there would be "significant strategic interest" in Hain and that management "is a willing seller" at the right price. A deal for Hain makes the most sense for Pinnacle Foods (PF), Jagdale tells investors in a research note. He analyzed five scenarios in which hypothetical strategic buyers acquire Hain for $70 per share. The organic and natural products company closed yesterday up 1c to $43.80. Jagdale estimates that by year three, the deal would be 8% accretive to Pinnacle's earnings, 4% to General Mills' (GIS) and Conagra Brands' (CAG), 1.4% to Campbell Soup's and dilutive to Kellogg's (K). The analyst sees limited downside to shares of Hain and keeps a Buy rating on the stock with a $50 price target.
08/04/17
JPMS
08/04/17
UPGRADE
Target $78
JPMS
Overweight
Kellogg upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Ken Goldman upgraded Kellogg to Overweight and raised his price target for the shares to $78 from $76. The analyst views the risk/reward as appealing with the Street's 2018 EBIT margin estimate 50 basis points below guidance, Direct Store Delivery execution risk largely behind the company an easier comps approaching in U.S. cereal.
CAG Conagra Brands
$34.21

0.11 (0.32%)

08/28/17
UBSW
08/28/17
NO CHANGE
Target $65
UBSW
Buy
UBS believes Pinnacle Food/Conagra deal could yield sizable synergies
UBS analyst Steven Strycula explored five scenarios for Pinnacle Foods (PF) to create shareholder value, one of which is a combination with Conagra (CAG). The analyst believes a tie-up could deliver earnings accretion and sizable synergies within the frozen and condiment/dressing categories. He also said Pinnacle could make bolt-on acquisitions that could represent a transformational asset for larger, growth challenged sponsors. Strycula reiterated his Buy rating and $65 price target on Pinnacle Foods shares.
07/06/17
JEFF
07/06/17
NO CHANGE
Target $46
JEFF
Buy
Conagra Brands weakness a buying opportunity, says Jefferies
Jefferies analyst Akshay Jagdale views the recent weakness in shares of Conagra Brands as a buying opportunity. The company's guidance is likely conservative and its portfolio reshaping, which the market is missing, has the potential to unlock "significant" value, Jagdale tells investors in a research note. He reiterates a Buy rating on Conagra with a $46 price target.
06/30/17
UBSW
06/30/17
NO CHANGE
Target $33
UBSW
Sell
Conagra Brands valuation remains elevated given fundamentals, says UBS
UBS analyst Steven Strycula believes the valuation for Conagra Brands remains elevated given its current fundamentals. The analyst cut his estimates to reflect lower sales and more muted upside for margins. Strycula said the breadth of the company's portfolio makes it challenging to move the needle, but he expects its robust innovation pipeline to boost sales beginning next year. Strycula reiterated his Sell rating and lowered his price target to $33 from $35 on Conagra Brands shares.
CPB Campbell Soup
$46.48

-0.11 (-0.24%)

09/06/17
FBCO
09/06/17
NO CHANGE
Target $43
FBCO
Underperform
Campbell Soup, Wal-Mart still negotiating, says Credit Suisse
Following up on Campbell Soup's (CPB) public disagreement in the soup category with Wal-Mart (WMT), Credit Suisse analyst Robert Moskow says the dispute specifically relates to Wal-Mart's demands for lower everyday price points on Campbell's condensed soup products. While this dispute does not appear to involve General Mills' (GIS) Progresso brand or the ready-to-serve category at this time, the analyst notes that Wal-Mart presumably could threaten to give more shelf space to General Mills or its Great Value brand at Campbell's expense. Campbell and Wal-Mart are still negotiating, Moskow points out, adding that it may be a good thing for the stock if Campbell can get Wal-Mart to agree to a compromise. The analyst reiterates an Underperform rating and $43 price target on Campbell's shares.
09/01/17
GSCO
09/01/17
NO CHANGE
Target $45
GSCO
Neutral
Campbell Soup price target lowered to $45 from $49 at Goldman Sachs
Goldman analyst Jason English lowered Campbell Soup's price target to $45 from $49 and maintained a Neutral rating citing disappointing results and eroding fundamentals. The analyst remains on the sidelines given relative under-performance versus peers and sees risk of multiple compression.
09/01/17
DBAB
09/01/17
NO CHANGE
Target $51
DBAB
Hold
Campbell Soup price target lowered to $51 from $58 at Deutsche Bank
Deutsche Bank analyst Rob Dickerson lowered his price target for Campbell Soup to $51 saying management maintained a relatively cautious tone after missing Q4 consensus estimates. The analyst sees a "number of upcoming headwinds" for the company and notes its 2018 will largely be an investment year. He keeps a Hold rating on Campbell.

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CytRx

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$22.75

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Procter & Gamble

$93.14

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$1,006.34

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First Defiance Financial

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Brown & Brown

$48.97

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ROSG

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HRS

Harris

$135.90

-0.66 (-0.48%)

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BA

Boeing

$259.75

-0.99 (-0.38%)

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