UPDATE: Morgan Stanley Downgrades Kellogg Company to Underweight, Lowers PT as Prospects for Mid-Term Recovery Fade - Kellanova (NYSE:K)

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In a report published Tuesday, Morgan Stanley analyst Matthew Grainger downgraded the rating on

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Kellogg Company

(NYSE: K) from Equal-Weight to Underweight, and lowered the price target from $59.00 to $58.00.In the report, Morgan Stanley noted, “We downgrade K to UW with a $58 PT, given likely sustained sales weakness, below-expectation early returns on Project K reinvestment, limited margin expansion. Our reduced 2015/16 EPS are 2-3% below consensus, and we see valuation at/above peers on a pension expense-normalized basis.”Kellogg Company closed on Monday at $61.81.