Jefferies Raises Kellogg Price Target to $52

Jefferies raised its Kellogg (NYSE: K) price target from $47 to $52 and continued its Kellogg Hold rating in a research report published today.

In the report, Jefferies states, "Kellogg is working through its manufacturing and supply chain challenges and we continue to see higher levels of investment over the next few quarters. At the same time, management is working to reinvigorate its new product pipeline and will be spending to both drive new offerings and further brand support. Given this near-term outlook we see few catalysts for meaningful EPS upside and continue to rate the company a Hold."

Shares of Kellogg closed today at $50.82, up 0.28% from Monday's market close.