| 2018-11-06 07:37:54|
K 07:37 11/06 11/06/18
Kellogg price target lowered to $74 from $85 at Argus
Argus analyst Chris Graja lowered his price target on Kelogg to $74, saying that while the company's Q3 results were in-line, its outlook for FY18 was disappointing with a cut in earnings growth. The analyst also lowers his FY18 EPS view to $4.35 from $4.50 to reflect the management's plans to step up its business investment but keeps his Buy rating on the shares, calling Kellogg valuation as "very reasonable". Graja also anticipates that Kellogg will benefit from its recent acquisitions and cost-saving initiatives.