UPDATE: Deutsche Bank Downgrades Kellogg to Hold

According to Deutsche Bank, Kellogg (NYSE: K) is downgraded to Hold.

Deutsche Bank said that while it still believes in LT prospects, required investment spending (supply chain, SAP, A&P) will limit margins and EPS growth into 2013. “Our new $50 target (from $60) is based on equally weighting a DCF model, our IVCC framework and traditional multiples (please see full details in report).”

Kellogg closed yesterday at $49.08.