Kellanova initiated with neutral view at Wells Fargo, here’s why

Wells Fargo initiated coverage of Kellanova with an Equal Weight rating and $56 price target. The categories in which Kellanova operates are among the best performing in food since 2019, but the company is underperforming the category widely, “and that needs to be rectified before embracing the stock,” the analyst tells investors in a research note. The firm says that if Kellanova can catch up to category, “there’s opportunity here. But not yet.”