Kellogg (K) PT Raised to $76 at BofA Securities Due to Market Performance and Replenished Inventories
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BofA Securities analyst Bryan Spillane raised the price target on Kellogg (NYSE: K) to $76.00 (from $74.00) while maintaining a Buy rating citing elevated at home consumption and replenished inventories, better than expected emerging market performance, volume leverage and efficiency gains, and market spend being pushed into 2H20.
The analyst stated "Overall 2Q sales and profits came in ahead of K’s expectations driven by 1) elevated at home consumption and replenishment of inventories in developed markets, 2) better than expected emerging market performance, 3) volume leverage and efficiency gains which offset COVID costs, 4) marketing spend being pushed into 2H20. In our view, K’s solid execution in the quarter led to share gains and increased household penetration; trends that the company will work to maintain through increased investments in 2H."
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