Kellogg: shares drop after Credit Suisse downgrade

(CercleFinance.com) - Shares in Kellogg, the maker of Special K and Rice Krispies cereals, fell almost 2% on Monday morning after Credit Suisse downgraded the stock to "neutral" from "outperform.
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At 9:15 AM, the stock was trading 1.9% lower, while the S&P 500 index was up 0.5%.

In a note to clients, Credit Suisse said it expects "disappointing guidance" for 2021, anticipating the food company's management to warn against a year of high investment, without promising strong sales growth.

"This makes it difficult to view Kellogg as a net beneficiary of the market changes caused by the COVID-19 pandemic longer term," the broker wrote.

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