UPDATE: Jefferies Raises PT on Kellogg to $52

Jefferies reiterates its Hold rating on Kellogg (NYSE: K) and raises its price target by $5 to $52 as the company invests more to reinvigorate its product line.

Jefferies comments, "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."

K closed at $50.68 a share on Tuesday.