Deutsche Bank Upgrades Kellogg (K) to Buy Citing Pringles Purchase

Deutsche Bank upgraded Kellogg (NYSE: K) from Hold to Buy with a price target of $57 (up form $51).

While the firm acknowledges the developed markets for packaged food, the firm said the Pringles purchase creates a potential inflection point for the company.

"While Pringles will require investment spending with modest cash charges, we nevertheless see global snacks as compelling and eventually helping raise Kellogg’s LT sales and profit growth prospects."

Including Pringles as of mid-2012, the firm add $0.01 to 2012 with an increase of $0.03 to $3.85 for 2013.

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 $52.53 yesterday, with a 52 week range of $48.10-$57.70.

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