Goldman Sachs Downgrades Kellogg (K) to Sell

July 15, 2014 6:40 AM EDT
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Price: $72.21 +0.60%

Rating Summary:
    4 Buy, 18 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs downgraded Kellogg (NYSE: K) from Neutral to Sell with a price target of $59.00 (from $64.00) as top-line weakness eats into cost-savings benefits.

Analyst Jason English said, "top-line rejuvenation efforts are falling flat and the portfolio is coming under what we believe is a retail lead SKU rationalization knife." Given sales weakness this makes management expectation of gradual improvement through this year and into next out of reach.

They lower FY14/FY15/FY16 EPS estimates by 4%/6%/6% and stand 3%/6%/6% below consensus.

For an analyst ratings summary and ratings history on Kellogg click here. For more ratings news on Kellogg click here.

Shares of Kellogg closed at $66.20 yesterday.

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