JPMorgan Sees Downside In This Food Products Giant - Read Why

by Shivani Kumaresan, Benzinga Staff Writer

February 11, 2022 6:51 AM | 1 min read |

JPMorgan analyst Ken Goldman downgraded Kellogg Co K to Underweight from Neutral with a price target of $57, down from $64, implying a 10.38% downside.
The analyst thinks the company's 2022 guidance for about $4.12 to $4.17 in earnings per share, including currency, is aggressive, and he models for $3.90.
Kellogg's enterprise value to EBITDA valuation is a "bit elevated" given its "limited growth potential and below-average margins," Goldman said.
The analyst sees a 9% downside from here to the end of the year for the shares.
Price Action: K shares are trading lower by 1.73% at $62.48 in premarket on the last check Friday.

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