UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Kellogg Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on Kellogg Company

, and raised its price target from $52.00 to $54.00. Jefferies noted, “K remains quite upbeat on the prospects for turning around its business and cited better revenue growth and market share as proof a turn was at hand. While revenues do look healthier, the company is spending heavily to get the results. At the same time, stripping away the better performance from Pringles exposes a base business that still has some way to go to improve profitability and manufacturing proficiency.” Kellogg Company closed on Thursday at $53.50.