(Updates)
** TD Cowen updates ratings on packaged foods companies,
says it prefers household and personal care goods firms
** WK Kellogg KLG.N down 8.5% at $16.01 after
brokerage downgrades stock to "sell" from "hold" and lowers PT
by $2 to $16
** TD Cowen cites weak retail sales momentum heading
into 2025 and business disruption risks during supply chain
modernization
** J M Smucker SJM.N down 2.4% at $104.75 after
brokerage downgrades to "hold" from "buy", cuts PT to $121 from
$130
** Cites loss of scale for already volatile pet business
and persisting challenges in co's Hostess business acquisition
** However, TD Cowen upgrades McCormick MKC.N and
Coca-Cola KO.N to "buy" from "hold"
** Sees signs of sequential volume growth for MKC, notes
strong flavorings category backdrop as consumers shop more in
fresh aisle; raises PT to $90 from $86
** Says KO is executing at "the top its game" in multiple
markets, sees co's franchise system as key enabler of strong
execution
** In 2024, shares of MKC, KO and KLG rose ~11, ~5% and 37%,
respectively, while SJM fell ~13%
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))