Bernstein analysts upgraded Kellogg (NYSE:K) to Market Perform from Underperform, maintaining their $62 price target. The analysts find the stock's valuation "seriously attractive," trading at a 5-year low and 15-year low relative to its U.S. Food peers.

Since the announcement of its divestment one year ago, Kellogg's stock has exhibited weaker performance compared to its U.S. Food peers, with a decline of 15%, and its primary competitor GIS, with a decline of 26%.

Despite underperforming peers and a spin-off (its North American cereal business) creating uncertainty, analysts believe investors have overlooked Kellogg's improved earnings outlook.