UPDATE: Credit Suisse Reiterates Underperform Rating, Raises PT on Kellogg Company Following 1Q EPS Miss

In a report published Friday, Credit Suisse analyst Robert Moskow reiterated an Underperform rating on Kellogg Company

, and raised the price target from $57.00 to $62.00. In the report, Moskow noted, “Kellogg adjusted 1Q EPS of $0.99 missed consensus of $1.02, and management lowered expectations for second quarter, implying a very back-half loaded year. As we expressed in our January 28 report, there seems to be a disconnect between the market view that the 5-7% EPS growth guidance for 2013 is highly conservative, and the management view that it has guided ‘responsibly' for a ‘normal year.' We think that FY13 guidance is achievable, but not very beatable given the lack of excitement on the top-line and the uncertainty as to whether commodity deflation can drop to the bottom line. Fourth quarter looks particularly aggressive given that it may now imply as much as 40% EPS growth. Our FY13 EPS estimates remain unchanged at $3.88 and we raise our target price to $62 (from $57).” Kellogg Company closed on Thursday at $63.42.