Kellanova price target lowered to $57 from $68 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Kellanova to $57 from $68 prior for the Kellogg Company and keeps an Equal Weight rating on the shares. Following Q3 results, the firm forecasts FY23 and FY24 EPS for stand-alone Kellanova of $4.15 and $3.56, respectively. Given Kellanova’s improved growth profile, stock pullback, and valuation, the firm believes the shares are “looking more attractive,” but the firm remains on the sidelines until evidence is seen that the company can deliver on its growth outlook.