Shares of Kellogg (K) See Red on BMO Downgrade, Looks to Face Limited Margin Expansion
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Price: $83.44 --0%
Rating Summary:
6 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
6 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Following a downgrade from BMO to a Market Perform rating, shares of Kellogg (NYSE: K) are trading down by roughly one half of a percent to $48.50.
The firm cut its price target on the company from $61 to $53, while mentioning management's decision to invest $100 million to rebuild the supply chain and improve quality control will likely weigh heavily on margin expansion for "several years" to come.
The fact that shares are only down one half of a percent is notable as the S&P 500 in up 2.6 percent and the Dow Jones is up 2.35 percent on the day. Kellogg and AutoZone (NYSE: AZO) are the only two companies trading in red today under the S&P 500 index. Shares of K are down close to 10 percent on the month.
The firm cut its price target on the company from $61 to $53, while mentioning management's decision to invest $100 million to rebuild the supply chain and improve quality control will likely weigh heavily on margin expansion for "several years" to come.
The fact that shares are only down one half of a percent is notable as the S&P 500 in up 2.6 percent and the Dow Jones is up 2.35 percent on the day. Kellogg and AutoZone (NYSE: AZO) are the only two companies trading in red today under the S&P 500 index. Shares of K are down close to 10 percent on the month.
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