Loading...
Loading...
Credit Suisse maintains its Neutral rating on Kellogg
K and raises its price target to $56 from $53 on incremental positivity following Pringles acquisition announcement.
Credit Suisse says, "Kellogg's acquisition of Pringles from P&G is a good move strategically and opportunistically. The company needed to do something to jump-start its growth rate and increase its scale internationally, and it needed shift its mix farther toward snacks rather than cereal given the difference in growth rates. Management's guidance implies net EPS accretion of roughly $0.04 for 2012 and $0.11 for 2013 when factoring in the opportunity cost of ceasing the share repurchase program."
K closed at $52.87 a share yesterday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in