J.P. Morgan Overweight On Kellogg

J.P. Morgan Chase & Co. is out with a research report on Kellogg

and it has an Overweight rating and a $62 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "Following a meeting in Boston with Kellogg management, we are reiterating our Overweight rating on the K shares. While the company has its issues, Kellogg's sound fundamentals, strong cash flows and reliable earnings growth projections position it, in our view, as one of the better defensive names to own in the current environment." Shares of K lost $1.69 yesterday to close at $51.69, a loss of 3.17%.