Jefferies Upgrades Kellogg (K) to Hold

Jefferies upgraded Kellogg (NYSE: K) from Underperform to Hold with a price target of $47, saying their negative thesis played out.

The firm comments, "Kellogg missed 3Q expectations and lowered guidance mostly due to higher supply chain costs and poor performance in the UK – two of the main reasons for our Underperform rating. However, it now appears that the risks to earnings going forward are less pronounced as input costs moderate and the company has accounted for the significant increase in supply chain spending."

For more ratings news on Kellogg click here and for the rating history of Kellogg click here.

Shares of Kellogg closed at $50.17 yesterday.

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