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K

Kellogg

$58.52

-0.87 (-1.46%)

16:10
01/22/19
01/22
16:10
01/22/19
16:10

Kellogg initiated with a Neutral at Guggenheim

  • 18

    Feb

  • 03

    Mar

K Kellogg
$58.52

-0.87 (-1.46%)

11/14/18
JPMS
11/14/18
DOWNGRADE
Target $66
JPMS
Neutral
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.
11/14/18
DBAB
11/14/18
NO CHANGE
Target $66
DBAB
Hold
Kellogg price target lowered to $66 from $70 at Deutsche Bank
Deutsche Bank analyst Rob Dickerson lowered his price target for Kellogg to $66 saying the company at its investor day emphasized the reinvestment needed to drive accelerated top-line growth. 2020 sounds like it could be the first year Kellogg returns to its long-term year-over-year growth targets of 1%-3% revenue growth, 4%-6% operating profit growth, and 6%-8% earnings growth, Dickerson tells investors in a research note. He believes consensus estimates for 2019 look too high currently and keeps a Hold rating on Kellogg.
11/14/18
BMOC
11/14/18
NO CHANGE
Target $70
BMOC
Market Perform
Kellogg price target lowered to $70 from $78 at BMO Capital
BMO Capital analyst Kenneth Zaslow lowered his price target on Kellogg to $70 and kept his Market Perform rating after its analyst day where the management presented its long-term outlook that was highlighted by potential sale of about $900M in non-core business assets. The analyst also lowers his FY19 EBITDA margin forecast to $2.36B from $2.44B to reflect the management's updated guidance of "flattish operating profit" after the company's outlook that it will lag sales growth next year as it increases its investment in brand building beyond its original budget and on-the-go pack formats.
11/14/18
11/14/18
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. Apple (AAPL) downgraded to Neutral from Buy at Guggenheim with analyst Robert Cihra saying the average selling price of the iPhone has increased a "dramatic" $220, or 40%, over the past 10 years, reflecting its "growing value to both consumer and business markets." 2. Kellogg (K) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying 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." 3. Apollo Global (APO) and Carlyle Group (CG) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Conagra Brands (CAG) downgraded to Underperform from Market Perform at Bernstein with analyst Alexia Howard saying the frozen category has experienced positive growth over the past year, largely led by new product innovation from Conagra and Pinnacle Foods, but this now seems to be running out of steam. 5. Tenneco (TEN) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Armintas Sinkevicius citing its elevated leverage and limited free cash flow conversion in what he views as an increasingly uncertain environment for auto suppliers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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