UBS Maintains a 'Neutral' on Kellogg (K); Cutting Estimates & PT Until Sustained Growth is Restored

UBS maintains a 'Neutral' on Kellogg (NYSE: K) price target lowered from $56 to $54.

Analyst, David Palmer, said, "We are trimming our ‘12e and ‘13e EPS to $3.40 (+1% YOY; consensus $3.48) and $3.61 (+6% YOY; cons $3.78) respectively. Our new ‘12 estimate assumes 2% organic revenue growth and a 3.5% organic operating profit decline—reflecting greater than expected volume declines in the US and UK. Our estimates also reflect the impact of the Pringles deal excluding one-time deal costs (+$0.07)."

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 $50.70 yesterday.

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