RBC Capital Raises Price Target on Kellogg (K) to $86 Following In-Line 2Q

RBC Capital reiterates Sector Perform rating on Kellogg (NYSE: K), and raised the price target to $86.00 (from $82.00), following the company's 2Q earnings report. K reported an in-line EPS of $0.91. Management maintained 2016 EPS of $3.61.

Analyst David Palmer commented, "While we maintain our full-year EPS estimates after a relatively in-line 2Q result, we meaningfully increase our out-year estimates to reflect a two-year cost savings acceleration. We also increase our target to $86 on higher earnings and a greater focus on profit over volume. Maintain Sector Perform."

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 $82.42 yesterday.

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