Stifel lowered the firm’s price target on Kellanova (K) to $56 from $71 and keeps a Hold rating on the shares after the company completed the spin-off of WK Kellogg (KLG) earlier this week. The “more focused” global snacking company’s new long-term algorithm calls for 3%-5% organic sales growth and 7%-9% constant currency EPS growth, notes the firm, which has updated its estimates for the spin and now estimates FY23 EPS of $3.38 and 7% organic sales growth.
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