UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Kellogg Company Following 1Q13 EPS Miss

In a report published Friday, Jefferies analyst Thilo Wrede reiterated a Hold rating on Kellogg Company

, and raised the price target from $60.00 to $68.00. In the report, Wrede noted, “K's 1Q13 adj. EPS of $0.99 missed expectations as the co. was dealing with inflation and, in our view, lower than expected sales. However, as inflation is abating and cost savings are ramping up, mgmt expects performance to improve over the course of the year. Nevertheless, results might still come under pressure because of the limited benefit of share repurchases due to the recent run up in share prices. Reit. Hold with new $68 PT.” Kellogg Company closed on Thursday at $64.61.