Jefferies Initiates Coverage On Kellogg Company

Jefferies & Co. is initiating coverage on shares of Kellogg Company

with an Underperform rating and a $47 price target on shares. In a note to clients, Jefferies writes, "We initiate coverage of Kellogg with an Underperform rating and $47 target price. We are convinced that K mgmt's momentum building strategy this year is right, but are concerned that expectations and valuations are already too high given the time and investment that a turnaround might take. That said, we believe that these investments will reward the company long term." Shares of K lost 45 cents yesterday to close at $54.96, a loss of 0.8%.