WK Kellogg initiated with a Neutral at BofA

BofA initiated coverage of WK Kellogg (KLG) with a Neutral rating and $11.50 price target. Since the spinoff from Kellanova (K) on October 2, WW Kellogg shares are down 37%, and the spin gives rise to a more levered, no growth entity in a declining category, which is largely already reflected in current valuation, the analyst tells investors in a research note.