DA Davidson analyst Brian Holland initiated coverage of Kellanova with a Buy rating and $67 price target. The company is “very much a show me story given post spin noise,” but the early results have been encouraging and momentum should build over the coming months, the analyst tells investors in a research note. The firm believes the stock figures to be supported at current levels, as Kellanova’s relative valuation is only modestly elevated versus historical average and consensus estimates appear to discount management’s long term outlook.
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