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K

Kellogg

$63.48

-0.81 (-1.26%)

, GIS

General Mills

$45.50

-0.2 (-0.44%)

06:46
11/14/18
11/14
06:46
11/14/18
06:46

JPMorgan downgrades Kellogg to Neutral, removes from Analyst Focus List

JPMorgan analyst Ken Goldman downgraded Kellogg (K) to Neutral from Overweight and lowered his price target for the shares to $66 from $73. The analyst also removed the stock from his firm's Analyst Focus List. He says that while nothing at the company's investor day "necessarily disappointed" him, he also did not gain "much comfort that the bottom-line turnaround would be swift." Maintaining an Overweight rating in the face of flat EBIT growth in both 2018 and 2019 "requires a bit more patience than we have at the moment," Goldman writes in a note to investors. With that said, the analyst did raise the likelihood that Kellogg gets taken out at a 25% premium to 15% from 5% in his scenario analysis. This is not because of anything specific to Kellogg, but rather because Kraft Heinz (KHC) seems close to buying something in consumer staples, says the analyst. Goldman sees a number of companies are potential targets, including General Mills (GIS), Kellogg, an overseas food producer, or a consumer staples company outside food.

K

Kellogg

$63.48

-0.81 (-1.26%)

GIS

General Mills

$45.50

-0.2 (-0.44%)

KHC

Kraft Heinz

$53.38

-0.29 (-0.54%)

  • 03

    Mar

K Kellogg
$63.48

-0.81 (-1.26%)

11/14/18
JPMS
11/14/18
DOWNGRADE
Target $66
JPMS
Neutral
Kellogg downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Ken Goldman downgraded Kellogg to Neutral and lowered his price target for the shares to $66 from $73. The analyst expects flat EBIT growth in 2018 and 2019 and does not expect a full business turnaround until 2020.
11/01/18
SBSH
11/01/18
NO CHANGE
Target $79
SBSH
Buy
Kellogg removed from U.S. Focus List at Citi
Citi analyst David Driscoll lowered his price target for Kellogg to $79 from $87 and removed the shares from his firm's U.S. Focus List following the company's Q3 results. While the earnings report "clearly highlighted revenue momentum," Kellogg is now facing some short-term profit headwinds related to co-packing and logistic costs driven by greater than expected demand in U.S. single serve snacks, Driscoll tells investors in a research note. The analyst, however, views yesterday's stock pullback as overdone and keeps a Buy rating on Kellogg.
11/01/18
RBCM
11/01/18
NO CHANGE
Target $72
RBCM
Sector Perform
Kellogg price target lowered to $72 from $78 at RBC Capital
RBC Capital analyst David Palmer lowered his price target on Kellogg to $72 and kept his Sector Perform rating, also lowering his Q4 EPS view to 89c from $1.12. The analyst notes that the company is faced with increased margin and earnings pressure coming from co-packing and brand building expenses, adding that while investments may be fuelling consumer demand, he also wonders "when profitable sustainable growth will return".
11/06/18
ARGS
11/06/18
NO CHANGE
Target $74
ARGS
Buy
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.
GIS General Mills
$45.50

-0.2 (-0.44%)

09/17/18
09/17/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Reliance Steel (RS) initiated with a Neutral at Citi. 2. Bausch Health (BHC) assumed with an Overweight at Barclays. 3. Stanley Black & Decker (SWK) initiated with an Outperform at Credit Suisse. 4. Aramark (ARMK) initiated with an Outperform at Bernstein. 5. Kraft Heinz (KHC) was assumed with an Underweight at Morgan Stanley, while Mondelez (MDLZ), General Mills (GIS), and Kellogg (K) were assumed with an Equal Weight. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/17/18
09/17/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. LULULEMON UPGRADED TO OUTPERFORM: Wells Fargo analyst Ike Boruchow upgraded Lululemon (LULU) to Outperform from Market Perform, stating that while the brand's current strength is "evident to essentially everyone," his recent meetings with management lead him to believe that its "industry leading" momentum is likely sustainable through the second half of this year and well into 2019. While admitting to being "late to the party," Boruchow said he sees meaningful outperformance and upward revisions being ahead for the athletic apparel company. He raised his price target on Lululemon shares to $200 from $144. In late morning trading, Lululemon shares are higher by 2.3%. NOMURA UPGRADES BROADCOM TO BUY: Nomura Instinet analyst Romit Shah upgraded Broadcom (AVGO) to Buy from Neutral and raised his price target for the shares to $300 from $225. The analyst says the "so many positive takeaways from earnings" have forced him to take a more constructive stance on the shares. GOLDMAN SWAPS CONVICTION BUY ON MASTERCARD, VISA: Goldman Sachs analyst James Schneider added MasterCard (MA) to his firm's Conviction List while maintaining a Buy rating on the shares. The analyst also upped his price target for the stock to $260 from $230. Goldman Sachs analyst James Schneider removed Visa (V) from his firm's Conviction List but maintains a Buy rating on the shares with an unchanged price target of $160. The analyst, who continues to see upside to Street estimates, cites the recent share outperformance for the removal. MORGAN STANLEY INITIATES CONSUMER STAPLES: Morgan Stanley analyst Dara Mohsenian assumed Kraft Heinz (KHC) with an Underweight and $52 price target, as he believes it topline growth will likely trail food peers. In late morning trading, Kraft Heinz shares were down almost 2%. The analyst also assumed coverage of Mondelez (MDLZ), General Mills (GIS), and Kellogg (K) with Equal Weight ratings. KEYBANC SEES CANNABIS AS DRIVER FOR SHOPIFY: KeyBanc analyst Monika Garb said she is a buyer of Shopify (SHOP), as the company has "ample" growth opportunities ahead, and she sees potential upside to her above-consensus estimates. She expects that recreational sales of cannabis in Canada could be a GMV and revenue driver and further benefit Shopify's business momentum. Garb maintained an Overweight rating and $182 price target on the shares.
09/17/18
MSCO
09/17/18
INITIATION
Target $47
MSCO
Equal Weight
Mondelez assumed with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Dara Mohsenian assumed coverage of Mondelez (MDLZ) with an Equal Weight rating and $47 price target, calling it the best positioned among the large cap food peers on which he began coverage. However, Mohsenian assumed the U.S. large-cap packaged food industry with an In-Line rating, stating that he is cautious fundamentally given his skepticism over packaged food sector topline growth and margin expansion potential. Mohsenian also assumed coverage of General Mills (GIS) and Kellogg (K) with Equal Weight ratings and assumed Kraft Heinz (KHC) with an Underweight rating.
09/17/18
RBCM
09/17/18
NO CHANGE
Target $52
RBCM
Sector Perform
General Mills price target raised to $52 at RBC Capital on more stable trends
RBC Capital analyst David Palmer nudged his price target on General Mills to $52 from $50 and kept his Sector Perform rating, saying that while the company's sales trends have not accelerated as much as its peers, they have been more stable and relied less on promotional activity. The analyst notes that the company faces a more challenging cereal comparison ahead, but also offers investors a "compelling free cash flow" and has some further sources of upside such as distribution gains for Blue Buffalo along with the recent wins like gains in yogurt category. Palmer also nudged his FY19 EPS view on General Mills to $3.06 from $3.04.
KHC Kraft Heinz
$53.38

-0.29 (-0.54%)

11/02/18
JEFF
11/02/18
NO CHANGE
JEFF
Kraft Heinz weakness a buying opportunity, says Jefferies
11/02/18
JEFF
11/02/18
NO CHANGE
Target $75
JEFF
Buy
Kraft Heinz selloff today a buying opportunity, says Jefferies
Jefferies analyst Akshay Jagdale recommends buying shares of Kraft Heinz on today's post-earnings weakness. The analyst says the quarter delivered on one core pillar of his thesis, which is improvement in organic growth. Kraft Heinz's 2.6% organic growth was the best in at least four years, Jagdale tells investors in a post-earnings research note. However, profitability was much weaker than expected leading to a significant profit miss, says the analyst. He believes the market is viewing this earnings miss as structural while he views it as transitory, "especially in light of the strong sales growth performance and momentum." Jagdale has a Buy rating on Kraft Heinz with a $75 price target. The stock in early trading is down 8%, or $4.40, to $51.80.
11/05/18
BMOC
11/05/18
NO CHANGE
Target $61
BMOC
Market Perform
Kraft Heinz price target lowered to $61 from $67 at BMO Capital
BMO Capital analyst Kenneth Zaslow lowered his price target on Kraft Heinz to $61 after its Q3 earnings miss, saying the company's "significant operating profit shortfall more than offset better-than-expected top-line growth and a favorable tax rate". The analyst also notes that the management was confident that the company's organic sales growth would persist into Q4 and that its EBITDA growth and margins will recover. Longer term, Zaslow keeps his Market Perform rating on Kraft Heinz based on its "lower EBITDA base and concern that the ongoing transitory issues signify structural and persistent challenge."
11/07/18
MSCO
11/07/18
NO CHANGE
Target $49
MSCO
Underweight
Kraft Heinz Canadian cheese divestiture a 'small positive,' says Morgan Stanley
Morgan Stanley analyst Dara Mohsenian called Kraft Heinz's agreement to sell its Canadian natural cheese business to Parmalat for $1.23B a "small positive," stating that the deal removes a less attractive business with a lower margin at a reasonable sales multiple. This second announced small scale divestiture in the last two weeks perhaps highlights the need for Kraft Heinz to prioritize debt pay down, said Mohsenian, who continues to believe the company's balance sheet position is an underappreciated risk. He keeps an Underweight rating on Kraft Heinz shares with a $49 price target.

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