Kellogg (K) Stock Price Target Increased at Deutsche Bank
Bloomberg News
NEW YORK (TheStreet) -- Deutsche Bank upped its price target to $78 from $74 on Kellogg (K) - Get Report stock this morning.
The firm reiterated its "hold" rating on the stock, but noted that Kellogg has reinvested savings from its Project K cost-cutting and zero-based-budgeting initiatives to revitalize existing brands and introduce on-trend products.
"However, it remains to be seen if the company can drive sustainable growth in key categories," Deutsche Bank continued in an analyst note.
Earlier this month, Kellogg was rumored to be considering selling itself to Kraft Heinz (KHC), but the speculation was later refuted after officials confirmed there are no ongoing talks, TheFly reports.
Additionally, Kellogg is slated to report its fiscal 2016 second quarter results next week.
Analysts project the company will post earnings of 91 cents per share on revenue of $3.36 billion. For the 2015 second quarter, the company reported earnings of 92 cents per share on revenue of $3.48 billion.
Shares of Kellogg are up 1.19% to $82.76 this afternoon.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate KELLOGG CO as a Buy with a ratings score of B+. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: K