UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Kellogg Company as Top 2013 Pick
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Kellogg Company (NYSE: K), and slightly raised its price target from $64.00 to $65.00.
Deutsche Bank noted, “Retain BUY Opinion & Top 2013 Pick. Kellogg remains our 2013 top pick. We see solid core top line prospects, Pringles and its cost/revenue synergies, along with improving execution/culture as compelling. Despite good FCF and disciplined debt reduction, our view is most investors are ambivalent, reflected by the stock's low valuation (12% discount to the group on 2013 P/E).”
Kellogg Company closed on Tuesday at $58.50.
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Tags: Deutsche Bank