Morgan Stanley Remains Positive on Kellogg Company Despite Disappointing Guidance

In a report published Friday, Morgan Stanley analyst Matthew Grainger reiterated an Equal-Weight rating and $61.00 price target on Kellogg Company K. In the report, Morgan Stanley noted, “We appreciate K's frank assessment of issues in its key categories and its commitment to reinvest in new ideas / capabilities. However, despite valuation at the low end of the peer group, we think investors remain better served waiting for signs of progress before becoming more constructive.” Kellogg Company closed on Thursday at $57.74.