Kellogg Stock Slips on Analyst Downgrade

The firm also cut its price target to $68 from $77

Deputy Editor
Nov 23, 2020 at 9:42 AM
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The shares of Kellogg Company (NYSE:K) are down 1.6% at $63.97 at last check, following a downgrade from Credit Suisse to "neutral" from "outperform," with a price-target cut to $68 from $77. The firm expects "disappointing guidance" for 2021 and a lack of sales growth -- not likely benefitting from the market's long-term pandemic recovery. Coming into today, seven of the 11 analysts in coverage sport a "strong buy" on K, with the remaining four at a lukewarm "hold." 

K has had a volatile two months on the charts. Most recently rejected by the $67 level, the stock is now on its way to its late-September lows. What's more, year-to-date Kellogg stock has dropped 6%. 

Digging deeper, it looks like shorts are starting to jump ship, with short interest falling 12.5% during the last reporting period. These bearish bets account for 3.5% of the stock's available float, or over six days' worth of pent-up buying power, at the security's average pace of trading. 

Lastly, now looks like a good time to weigh in on K's next move with options. The security's Schaeffer's Volatility Index (SVI) of 21% sits in the low 8th percentile of its annual range. In other words, the stock sports attractively priced premiums at the moment.

 

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