UPDATE: JP Morgan Upgrades Kellogg, But Lowers PT Following Recent Earnings Report

In a report published Friday, JP Morgan analyst Ken Goldman upgraded

from Underperform to Neutral but lowered the price target from $58 to $55. Goldman remained cautious. Although Kellogg has managed to increase short-term performance, Goldman was not convinced of longer term performance. In the report, JP Morgan stated "Since peaking on 10/29/13, Kellogg has underperformed the SPX by 10% and the food group average by 5%. With the stock now trading at 13.7x our 2015 EPS estimate, we no longer see sufficient downside to maintain an Underweight rating. Thus, although we continue to see risk to the story, we think the risk is more priced in than it used to be, and we upgrade to Neutral." On Thursday, Kellogg closed at $57.74.