Wells Fargo Starts Kellogg (K) at Market Perform; Volume Growth to Return in 2013
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Price: $83.44 --0%
Rating Summary:
6 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
Rating Summary:
6 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
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Wells Fargo resumed coverage on Kellogg (NYSE: K) with a Market Perform rating and a price target of $50 to $52.
"Over the past two years, Kellogg has been pressured by macro weakness, less effective innovation, and supply chain impediments fostered by overly zealous cost reductions. However, we view 2012 as a year of stabilization behind significant new product news (up 50% versus 2010), heavy supply chain reinvestment ($200 million over 2011 and 2012), and unwavering brand support," said analyst John Baumgartner.
He thinks these initiatives should return Kellogg to volume growth in 2013 and establish a firmer footing in North America as competitive innovation intensifies amid a still-challenging consumer environment.
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 $51.93 yesterday.
"Over the past two years, Kellogg has been pressured by macro weakness, less effective innovation, and supply chain impediments fostered by overly zealous cost reductions. However, we view 2012 as a year of stabilization behind significant new product news (up 50% versus 2010), heavy supply chain reinvestment ($200 million over 2011 and 2012), and unwavering brand support," said analyst John Baumgartner.
He thinks these initiatives should return Kellogg to volume growth in 2013 and establish a firmer footing in North America as competitive innovation intensifies amid a still-challenging consumer environment.
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 $51.93 yesterday.
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