- The shares of Kellogg Company (NYSE: K) have received a $72 price target from Deutsche Bank. These are the details.
The shares of Kellogg Company (NYSE: K) have received a $72 price target from Deutsche Bank. And Deutsche Bank analyst Steve Powers is maintaining a “Hold” rating on the shares.
Powers adjusted the rating after the company announced plans to separate into 3 independent companies through two tax-free spin-offs. It includes:
1.) Global Snacking Co. – With about $11.4 billion* in net sales, will be a leading company in global snacking, international cereal and noodles, and North American frozen breakfast, with iconic, world-class brands and strong underlying growth momentum and profitability;
2.) North America Cereal Co. – With about $2.4 billion in net sales, will be a leading cereal company in the U.S., Canada, and the Caribbean, with a portfolio of iconic, world-class brands and compelling opportunities for investment and profit growth; and
3.) Plant Co. – With about $340 million in net sales will be a leading profitable and pure-play plant-based foods company, anchored by the MorningStar Farms brand, with a significant opportunity to capitalize on strong long-term category prospects by investing further in North America penetration and future international expansion.
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