Kellanova downgraded to Hold at Argus on valuation

As previously reported, Argus analyst Taylor Conrad downgraded Kellanova to Hold from Buy. The firm is retaining its favorable view of management’s efforts to reduce costs and focus on product innovation, but with the company having recently entered into an agreement to be acquired by Mars for $83.50 per share in cash and the stock price near the purchase price, the stock is “fully valued” and a Hold rating is appropriate, the analyst tells investors in a research note.