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Kellogg (K) is lower Wednesday, following a downgrade from Credit Suisse.

Analyst Robert Moskow and his team cut their rating on the stock from Outperform to Neutral and cut their target price by $7, to $77. Moskow writes that management hasn’t moved quickly enough to boost its margin targets and cost savings, as he had hoped, and as such Kellogg’s revenue growth continues to lag its peers.

He argues that as such, consensus earnings and sales estimates are still too high, given challenges to the breakfast cereal category and currency headwinds. Therefore he thinks that Kellogg will trade in-line with peers in 2017, with just 6% EPS growth and a valuation that’s slightly below the group.

More detail from the note:

Expectations for breakfast cereal "stabilization" in 2017 may prove overly optimistic. The company took several positive steps to re-engage Millennial consumers with more granolas, mueslis, and "fashion-forward" ingredients. But from what we can tell, these efforts have not fully stabilized the business. According to our tracking data, Kellogg's U.S. cereal slipped back to a 2% decline in fourth quarter as consumers continued to seek alternative breakfast solutions. Western European cereal showed modest progress sequentially but remains down 5% versus the prior year. As a result, we view the guidance for "stable" breakfast cereal sales in 2017 as a best case scenario rather than conservative and we have lowered our target for organic sales growth to -1%.

Kellogg shares are down 0.9% to $71.35 in recent trading.