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K

Kellogg

$58.64

0.82 (1.42%)

08:50
05/13/19
05/13
08:50
05/13/19
08:50

Kellogg announces proposed reorganization plan for European business

In a regulatory filing, Kellogg announced a proposed reorganization plan for the European business designed to simplify the organization, increase organizational efficiency, and enhance key processes. The proposed changes are subject to consultation processes as appropriate, with employee representative groups in the region. The overall project is expected to be substantially completed by December 31, 2020. The project is expected to result in cumulative pretax charges of approximately $50M, including certain non-cash credits. Cash costs are expected to be approximately $57 million. The company currently anticipates employee-related costs totaling approximately $33M which will include severance and other termination benefits; and other costs totaling approximately $17M which will primarily consist of charges related to relocation, third party legal and consulting fees, and contract termination costs.

K Kellogg
$58.64

0.82 (1.42%)

04/02/19
MSCO
04/02/19
NO CHANGE
MSCO
Equal Weight
Kellogg divestiture of Keebler brand makes strategic sense, says Morgan Stanley
After Kellogg announced a deal to sell its cookies business, including the Keebler brand, as well as its fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses to Ferrero, Morgan Stanley analyst Dara Mohsenian said he believes the sale makes strategic sense given Kellogg's subscale positioning in cookies and fruit snacks and the businesses' declining revenue and slightly lower margins than the U.S. snacks average. He expects about 6% of EPS dilution in the next twelve months, assuming the proceeds are used to pay down debt, and lowering his 2019 EPS estimate for Kellogg by 3.2% and 2020 EPS view by 4.2%. Mohsenian keeps an Equal Weight rating on Kellogg shares.
04/02/19
SBSH
04/02/19
NO CHANGE
SBSH
Buy
Citi favorable on Kellogg sale of North American cookies
Citi analyst David Driscoll views favorably Kellogg's sale of its North American cookies, fruit snacks, ice cream cone, and pie crusts businesses to Ferrero for $1.3B. While the transaction is dilutive to Kellogg's earnings by approximately 18c, or 4.6% on an annual basis, it should be accretive to revenue growth and margins. Further, it allows Kellogg to place more resources toward other portions of its portfolio, Driscoll tells investors in a research note. He keeps a Buy rating on Kellogg with a $66 price target.
03/19/19
ARGS
03/19/19
NO CHANGE
Target $65
ARGS
Buy
Kellogg price target lowered to $65 from $74 at Argus
Argus analyst Chris Graja lowered his price target on Kellogg to $65 and also lowered his FY19 EPS outlook to $4.00 from $4.60 to reflect his assumption of lower pension income and higher tax rate than anticipated. The analyst is also keeping his Buy rating however, stating that while Kellogg's operating environment is challenging, it should benefit from cost saving initiatives and recent acquisitions as well as its geographic focus shift toward emerging markets. Graja adds that the company has reduced costs and is now focusing on growth initiatives amid changes in consumers' perceptions about food, shopping habits, and the retailer environment.
02/08/19
02/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fiat Chrysler (FCAU) downgraded to Equal Weight from Overweight at Barclays with analyst Brian Johnson saying he is surprised by the "NAFTA earnings plateau" and views the company's 2020 targets as aggressive. 2. Kellogg (K) downgraded to Hold from Buy at Pivotal Research with analyst Timothy Ramey saying the company's adjusted earnings in Q4 disappointed and it "celebrated 0% organic top line growth for the year citing the heavy lift of reversing the negative trajectory." 3. NXP Semiconductors (NXPI) downgraded to Neutral from Buy at Mizuho with analyst Vijay Rakesh saying with the stock up 40% from the December lows, high China auto inventory and Europe's Worldwide Harmonised Light Vehicle Test Procedure "could present challenges and limit upside." 4. Synaptics (SYNA) downgraded to Neutral from Overweight at JPMorgan with analyst Paul Coster saying the company reported "solid" fiscal Q2 results, driven by further improvement in gross margins, but issued "slightly disappointing" Q3 guidance owing to soft demand in the handset market. 5. Knowles (KN) downgraded to Hold from Buy at Lake Street with analyst Jaeson Schmidt saying while the company can be the dominant player in the market and think its share at Apple (AAPL) is set to remain stable in the future, increasing uncertainty on the health of the global smartphone market could create headwinds to the stock's multiple. 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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