Pivotal Research analyst Timothy Ramey maintained a Hold rating on Kellogg (K) today and set a price target of $62. The company’s shares opened today at $56.94.
Ramey observed:
“We really want to believe that Kellogg can turn the battleship and it may yet. This is an outstanding company and deserves the shot to reestablish growth. Having said that, we remain HOLD rated with the further headwinds ahead.”
According to TipRanks.com, Ramey is a 4-star analyst with an average return of 9.5% and a 58.4% success rate. Ramey covers the Consumer Goods sector, focusing on stocks such as Constellation Brands Inc, Brown-Forman B, and Flowers Foods.
Currently, the analyst consensus on Kellogg is a Hold with an average price target of $60.20, implying a 5.7% upside from current levels. In a report issued on April 22, Wells Fargo also maintained a Hold rating on the stock with a $58 price target.
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Based on Kellogg’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.32 billion and GAAP net loss of $84 million. In comparison, last year the company earned revenue of $3.4 billion and had a net profit of $444 million.
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Kellogg Co. engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. Its markets cookies, crackers, crisps, and other convenience foods, under brands such as Kellogg’s, Keebler, Cheez-It, Pringles, Murray, Austin and Famous Amos, to supermarkets in the U.S. It operates through the following seven segments: U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific. The U.S. Snacks segment offers cookies, crackers, savory snacks, wholesome snacks and fruit-flavored snacks. The U.S. Morning Foods segment includes cereal and toaster pastries. The U.S. Specialty Channels engages in selling kellogg products to channels such as food service, convenience stores, vending and others. The North America Other segment includes U.S. Frozen, Kashi company, and RX businesses. The Europe segment consists of European countries. The Latin America segment comprises of Central America and Mexico. The Asia Pacific segment composes of Sub-Saharan Africa, Australia, and Asian and Pacific markets. The company was founded by Will Keith Kellogg in 1906 and is headquartered in Battle Creek, MI.
