Kellogg (K) PT Raised to $79 at RBC Capital Following 3Q

RBC Capital raised its price target on Kellogg (NYSE: K) to $79.00 (from $78.00) while maintaining a Sector Perform rating following the company's 3Q earnings report. Analyst David Palmer estimates that favorable shipment timing and delayed marketing spend in North America this quarter contributed ~4pp of the company’s 9% EPS upside both YOY and versus flat forecasts but expects this to largely reverse in 4Q.

RBC Capital raised 2017e, 2018e, and 2019e EPS from $3.97, $4.25, and $4.51 to $4.01 (+7% YOY; $3.97 cons.), $4.28 (+7% YOY; $4.24 cons.), and $4.53 (+6% YOY; $4.47 cons.), respectively.

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