Jefferies analyst Rob Dickerson lowered the firm’s price target on WK Kellogg (KLG) to $16 from $19 and keeps a Hold rating on the shares. U.S. tracked channels suggest WK Kellogg’s Q4 sales and volumes fell about 5% and 9% year-over-year, respectively, reports the analyst, who models about a 3.5% sales decline for Q4 to account for possibly better untracked channel performance. However, “the data is not promising” and the firm has taken down its FY24, FY25 and FY26 EBITDA estimates by about 2%, 5% and 6%, respectively, the analyst added.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KLG:
- WK Kellogg price target lowered to $18 from $19 at Stifel
- WK Kellogg price target lowered to $16 from $19 at Barclays
- FDA bans use of Red No. 3 artificial coloring
- Exxon and Shell cautious on Q4, Flutter cuts guidance: Morning Buzz
- WK Kellogg downgraded to Sell at TD Cowen on lower organic growth estimates