Kellanova (K) PT Raised to $83.50 at Stifel

Stifel analyst Matthew Smith raised the price target on Kellanova (NYSE: K) to $83.50 (from $76.00) while maintaining a Hold rating.

The analyst comments "Mars and Kellanova announced an agreement with Mars to acquire Kellanova in an allcash offer of $83.50 per share. The takeout price represents a 15x EV/EBITDA multiple using our 2025 estimate with the total value of the transaction near $35.9 billion. The Kellanova board of directors has approved the offer, pending shareholder approval. Both the Gund Family and W.K. Kellogg Foundation Trust, which represent a combined 20.7% of the shareholder vote, support the transaction with Mars. The transaction is expected to close in the first half of 2025; we do not expect regulatory approval issues. We continue with our Hold rating and raise our target price to $83.50."

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