Stifel initiated coverage of WK Kellogg with a Hold rating and $11 price target. The analyst believes the stock’s “discount valuation” appropriately balances the company’s EBITDA growth outlook supported by margin expansion against a low profit margin base, the reliance on a mature category that is expected to decline modestly, heavy capital spending, and EBITDA growth that will be weighted toward the final year of the company’s outlook horizon.
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