Goldman Previews Kellogg's Earnings (K)

Goldman Sachs is out with a research note on Kellogg Company

, as it preview's the company's earnings. It has a Neutral rating and a $55 price target on shares. In a note to clients, Goldman writes, "Kellogg (K, Neutral) will report 1Q11 earnings on May 4. We see K posting a solid first quarter start to 2011, as our $1.07 EPS is $0.04 above consensus. Beyond the bottom line, we foresee a marked acceleration in its North American revenue growth driven by cereal share recovery and Eggo volume growth. Even so, we retain our Neutral ratingon K shares, as we believe a North American recovery is largely priced in, with shares up 8% year to date versus the S&P 500 up 6%." Shares of K are down 15 cents this morning to $55.23, a loss of 0.27% this morning.