Kellanova price target raised to $60 from $59 at Piper Sandler

Piper Sandler analyst Michael Lavery raised the firm’s price target on Kellanova to $60 from $59 and keeps a Neutral rating on the shares. The firm notes Kellanova reported its first quarter without its North America cereal business and beat Piper’s EPS estimated by 5c. It gave 2024 organic sales growth guidance of about 3.0% or better and reiterated adjusted operating profit of $1.85B-1,90B and adjusted EPS of $3.55-3.65. Further international expansion of its snacks power brands is underway and could be a driver of sustainable long-term growth, the firm adds.