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Kellogg (K) Receives a Hold from RBC Capital

RBC Capital analyst Nik Modi maintained a Hold rating on Kellogg (KResearch Report) on August 3 and set a price target of $66.00. The company’s shares closed last Friday at $75.04, close to its 52-week high of $76.45.

According to TipRanks.com, Modi is a 5-star analyst with an average return of 9.1% and a 64.5% success rate. Modi covers the Consumer Goods sector, focusing on stocks such as Reynolds Consumer Products, The Estée Lauder Companies, and Spectrum Brands Holdings.

The word on The Street in general, suggests a Hold analyst consensus rating for Kellogg with a $74.31 average price target, representing a 0.1% upside. In a report issued on August 4, Piper Sandler also upgraded the stock to Hold with a $74.00 price target.

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Based on Kellogg’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.67 billion and net profit of $422 million. In comparison, last year the company earned revenue of $3.58 billion and had a net profit of $368 million.

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Kellogg Co. engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. It markets cookies, crackers, crisps, and other convenience foods, under brands such as Kellogg’s, Keebler, Cheez-It, Pringles, Murray, Austin and Famous Amos, to supermarkets in the U.S. It operates through the following seven segments: North America, Europe, Latin America, and AMEA. The North America segment includes U.S. Frozen, Kashi company, and RX businesses. The Europe segment consists of European countries. The Latin America segment comprises of Central America and Mexico. The AMEA segment consists of Africa, Middle East, Australia and other Asian and Pacific markets. The company was founded by Will Keith Kellogg in 1906 and is headquartered in Battle Creek, MI.

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