Jefferies Bumps PT on Kellogg (K) Despite Q1 Miss
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Price: $83.44 --0%
Rating Summary:
6 Buy, 25 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 11 | New: 27
Rating Summary:
6 Buy, 25 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 11 | New: 27
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Jefferies raised its price target on Kellogg (NYSE: K) from $60 to $68 following Q1 results but stopped short of upgrading the stock and maintained a Hold rating.
Analyst Thilo Wrede said, "K’s 1Q13 adj. EPS of $0.99 missed expectations as the co. was dealing with inflation and, in our view, lower than expected sales. However, as inflation is abating and cost savings are ramping up, mgmt expects performance to improve over the course of the year. Nevertheless, results might still come under pressure because of the limited benefit of share repurchases due to the recent run up in share prices."
The firm lowered Q2 EPS from $1.01 to $0.99, FY 2013 EPS from $3.86 to $3.84 but raised FY 2014 from $4.01 to $4.06.
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 $63.42 yesterday.
Analyst Thilo Wrede said, "K’s 1Q13 adj. EPS of $0.99 missed expectations as the co. was dealing with inflation and, in our view, lower than expected sales. However, as inflation is abating and cost savings are ramping up, mgmt expects performance to improve over the course of the year. Nevertheless, results might still come under pressure because of the limited benefit of share repurchases due to the recent run up in share prices."
The firm lowered Q2 EPS from $1.01 to $0.99, FY 2013 EPS from $3.86 to $3.84 but raised FY 2014 from $4.01 to $4.06.
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 $63.42 yesterday.
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