The consumer packaged goods space has been notoriously difficult, so CNBC's Jim Cramer wasn't all that surprised when he saw mass analyst upgrades in the stock of Kellogg.
"They've got to like something, don't they?" the "Mad Money" host quipped. "It might as well be Special K, down nearly 15 percent for the year with a new CEO and a sense that the darned stock has hit bottom, even if the business hasn't."
Kellogg, the maker of Eggos waffles and Pringles chips, once had strong growth, but has recently fallen under pressure. The company has had to employ cost-cutting tactics to stay afloat, and while Cramer didn't want to be too cynical, he found the outlook largely unfavorable.
"The analysts who cover this once great growth category have to find something to love," Cramer explained. "So they ask themselves, how about a 3 percent yielder where the future looks brighter than the past? How about Kellogg? And that's how a stock in this bedraggled consumer products group can spike after a long road down, a road I believe that will be less traveled by buyers after the stock moves up a couple of points from here and then the buyers move on."