Goldman Sachs Downgrades Kellogg (K) to Sell
- Top 10 News for 4/25 - 4/29: Merger Madness!; Valeant Hies New Boss; Icahn's Exit of Apple Could be Telling Sign
- Wall Street falls as earnings weigh; Dow, S&P up for month
- Amazon.com (AMZN) Tops Q1 EPS by 49c; Issues Q2 Outlook
- Exclusive: Yahoo's bidder shortlist points to cash deal -sources
- Yen posts biggest weekly gain since 2008, stocks slip
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.
Shares of Kellogg closed at $66.20 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FBR Capital Downgrades Cloud Peak Energy (CLD) to Underperform
- Amazon (AMZN) PT Lifted to $780 at Baird Following 'Beat Across the Board'
- Gilead Sciences (GILD) Needs M&A to Fill the Gap Following HCV Miss - BMO Capital
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades, Hot Downgrades
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!