Shares of Kellogg Company K are up 2.8 percent year-to-date and, while the surge seems small, it still implies an outperformance when compared to major U.S. stock indexes. However, over the past week, the stock has lost 3.8 percent, which has led the crowd to believe downside potential is now more limited that it used to be.
Following the most recent decline, top raters at the Vetr community decided to upgrade their rating on shares of Kellogg, from 2.5 stars (Sell) to three stars (Hold) out of a possible five-star rating.
The new rating seems more aligned with the crowd’s target price of $72.66, which implies a downside potential of just 2.4 percent from current valuations.
Finally, it should be noted that 60 percent of the crowd’s rating are bullish, meaning that the crowd as a whole is slightly more bullish than the top raters.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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