Kellogg resumed with a Hold at Stifel

Stifel resumed coverage of Kellogg with a Hold rating and $71 price target. Kellogg plans to split the company into a Global Snacking company, to be called "Kellanova," and a North American Cereal company, to be called "WK Kellogg Co," by the end of 2023 via a tax-free spin-off and the firm regards the break-up as "a positive event for the shares." Its break-up, sum-of-the-parts analysis indicates a nearly $75 stock price and input cost inflation is expected to be up at a mid-teen rate in 2023, the firm added.