UPDATE: Jefferies Raises PT on Kellogg Company on Strong Revenue Growth
In a report published Wednesday, Jefferies reiterated its Hold rating on Kellogg Company (NYSE: K), and raised its price target from $54.00 to $60.00.
Jefferies noted, “K reported adj. 4Q12 EPS of $0.67, in line with consensus – strong revenue growth on better than expected volumes and in-line margins drove the performance. After a transition year in 2012, K now expects to grow again from a new base and the Pringles acquisition will certainly help with the top line this year. However, we remain cautious as for example cereal, in our view, still remains a challenging category.”
Kellogg Company closed on Tuesday at $58.50.
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