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Kellogg upped at UBS on innovation strength

UBS upgraded cereal giant Kellogg Co. to buy from neutral, saying it believes the company is poised for long-term leadership based on its innovation strength. The broker told clients that the group's new products provide both indulgence and health benefits, which it said should help counter the recent elasticity is has witnessed. "Less aggressive promotions from General Mills, Inc. would also spell victory for the innovation leader," UBS said.

Kellogg rating, price target raised at Lehman Bros.

Kellogg was upgraded to overweight from equal weight at Lehman Bros., citing evidence of improving cereal business. Analyst Andrew Lazar said results from rival cereal maker General Mills last Thursday indicated pricing was positive, and did not contain any negative issues for Kellogg. Lazar also feels the company is set to benefit from prior spending. He raised his stock price target to $50 from $48.
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