Stifel raised the firm’s price target on WK Kellogg to $13 from $11 and keeps a Hold rating on the shares. The firm maintains a Neutral weighting for the Americas Food group, citing a valuation that is discounted compared to its history, pressured by weak volumes and an uncertain volume recovery. While the valuation is compelling in relation to its history, Stifel remains cautious, noting the uncertainty in revenue growth pacing in 2024 as volumes remain soft, the potential for promotional activity increases, and the risk of private label market share gains increases. Stifel advises investors to remain selective in their food exposure.
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