Goldman Sachs Downgrades Kellogg (K) to Sell
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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.
Shares of Kellogg closed at $66.20 yesterday.
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