UPDATE: Stifel Nicolaus Downgrades Kellogg to Hold

Stifel Nicolaus is out with its report today on Kellogg (NYSE: K), downgrading K from Buy to Hold.

In its report, Stifel Nicolaus writes, "Kellogg reported soft 3Q11 results especially in relation to our estimates as sales growth was softer than expected given a weaker volume performance than we expected. This resulted in lower EPS guidance for this year and next and we are now moving to a Hold rating for the shares."

Shares of K closed Thursday at $49.91.