Gabelli Maintains Buy on Kellogg

Gabelli is out with its report today on Kellogg K, maintaining Buy. In its report, Gabelli writes, "Continue to Buy, Kellogg has leading shares in attractive categories, while we expect stronger innovation and brand spending over the next few quarters, in addition to cost savings to drive long-term earnings growth. Kellogg currently trades at approximately 10.7x 2011E EBITDA and 15.8x P/E. We continue to expect K to drive high single-digit earnings over the next five years and calculate a PMV of $80 per share based on 2012 estimates." At the time of posting, shares of K were trading at $55.18, down 1.15% from Thursday's close.