RBC upgrades Kellanova, says Mars takeover ‘makes so much sense’

RBC Capital upgraded Kellanova to Outperform from Sector Perform with a price target of $76, up from $62, after Reuters reported over the weekend that Mars might have interest in acquiring Kellanova. The firm thinks “there is something here.” The potential deal “makes so much sense” to RBC that it is upgrading Kellanova. The firm’s channel work has suggested for some time that Mars has been looking to expand its snacking portfolio. Acquiring Kellanova would give the company a snacking platform with a strong global salty snack brand in Pringles as well as more regional brands that have yet to be globalized, the analyst tells investors in a research note.