Kellanova price target raised to $76 from $64 at Stifel

Stifel analyst Matthew Smith raised the firm’s price target on Kellanova to $76 from $64 and keeps a Hold rating on the shares. A takeout by Mars is a likely outcome following widely reported news that Mars has approached Kellanova, the analyst tells investors in a research note. The combination would combine Mars’ large confection based snacking business with Kellanova’s salty and wholesome snacks business, providing Mars additional scale across snacking occasions and the benefits of Kellanova’s strong brands and distribution growth opportunity internationally, the firm says.