UPDATE: Deutsche Bank Upgrades Kellogg
Deutsche Bank raises its rating on Kellogg (NYSE: K) and increases its price target $6 to $57 on the company's Pringles acquisition.
Deutsche Bank says, "Although we recognize challenging developed markets for packaged food in general, the Pringles purchase in our view creates a potential inflection point for Kellogg. While Pringles will require investment spending with modest cash charges, we nevertheless see global snacks as compelling and eventually helping raise Kellogg's LT sales and profit growth prospects."
K closed at $52.53 on Wednesday.
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