Kellogg upgraded to Neutral from Underweight at JPMorgan JPMorgan upgraded Kellogg to Neutral citing the recent underperformance of shares. The firm lowered its price target for the stock to $55 from $58.
Kellogg says has taken some coverage on commodities and packaging for 2015 Says Q3 performance "mostly as expected." Says making progress on Project K. Says has taken some coverage on commodities and packaging for 2015. Sees improvement in operating profit in Q4 in North America, but sees operating profit down for the year. Sees FY14 interest expense $210M. Sees FY14 Project K costs 60c-65c per share. Comments made on the Q3 earnings conference call.
Kellogg sees FY14 CapEx 4%-5% of net sales Says essentially covered on commodities and packaging for 2014. Says making good progress supplier-financing initiative. Sees FY CapEx 4%-5% of net sales. Comments from slides that will be presented on the Q3 earnings conference call.