UPDATE: Jefferies Upgrades Kellogg to Hold

According to Jefferies, Kellogg (NYSE: K) is upgraded to Hold.

Jefferies said that Kellogg missed 3Q expectations and lowered guidance mostly due to higher supply chain costs and poor performance in the UK – two of the main reasons for our Underperform rating. “However, it now appears that the risks to earnings going forward are less pronounced as input costs moderate and the company has accounted for the significant increase in supply chain spending. We are therefore upgrading K to Hold.”

Kellogg closed yesterday at $49.91.