Kellogg downgraded to Sell from Neutral at Goldman Goldman Sachs downgraded Kellogg to Sell on expectations the company's sales will miss expectations and its full year guidance could be cut when the company reports on July 31. Goldman thinks sales weakness is wiping out benefits from cost-savings and it lowered its price target for shares to $59 from $64.
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.