Jefferies lowered the firm’s price target on Kellanova (K) to $54 from $55 and keeps a Hold rating on the shares. U.S. at-home food prices have inflated by about 30% from 2019 and with pricing pulled forward several years, shopping behaviors having shifted, and category performance having varied, volume growth is crucial for more normalized topline growth, the analyst tells investors. When utilizing its multi-variable sales metric constraints, the firm finds WK Kellogg (KLG), Kellanova, Kraft Heinz (KHC) and McCormick (MKC) as those with the most volume risk among the group, the analyst noted.
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