Evercore ISI analyst David Palmer raised the firm’s price target on WK Kellogg to $23 from $21 and keeps an In Line rating on the shares. The valuation discount has narrowed since the spin as the company has generated 265 basis points of gross margin gain over the last two quarters and sales trends have begun to stabilize, the analyst tells investors. Following Q1 results, the firm is maintaining its 2024 EBITDA estimate, but bumping up its 2025 EBITDA view, the analyst noted.
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