UPDATE: Deutsche Bank Lowers PT on Kellogg Company on Reasons for Caution

In a report published Wednesday, Deutsche Bank analyst Eric Katzman reiterated a Buy rating on Kellogg Company (NYSE: K), but lowered the price target from $73.00 to $68.00.

In the report, Deutsche Bank noted, “While our neutral view on the group proved too cautious in 1H13, the tides have shifted and such a cautious approach seems more reasonable of late. Volumes have been surprisingly weak in developed markets with emerging markets slowing a bit. Valuation is still at a premium to the market and with the added concerns around deflation, being highly selective seems critical for the rest of 2013 and into 2014.”

Kellogg Company closed on Tuesday at $58.75.