RBC Capital Raises Price Target on Kellogg (K) Accounting for US Consumption Ahead of 4Q Report

RBC Capital maintained a Sector Perform rating on Kellogg (NYSE: K), and raised the price target to $74.00 (from $72.00), ahead of the company's 4Q earnings report. However, Kellogg lowered 2016 and 2017 estimates, primarily due to additional currency headwinds. Kellogg is scheduled to release earnings results on 2/11.

Analyst David Palmer commented, "We maintain our above-consensus 4Q EPS forecast; the company will report Thursday (2/11). However, we lower our 2016 and 2017 estimates primarily due to additional currency headwinds, although we increase our target multiple to reflect stabilizing US cereal and snacks sales."

For an analyst ratings summary and ratings history on Kellogg click here. For more ratings news on Kellogg click here.

Shares of Kellogg closed at $71.40 yesterday.

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