General Mills (GIS) PT Lowered to $49 at BofA/Merrill Lynch Following 3Q
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Price: $71.61 +1.12%
Rating Summary:
7 Buy, 21 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
7 Buy, 21 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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BofA/Merrill Lynch lowered its price target on General Mills (NYSE: GIS) to $49.00 (from $57.00) while maintaining a Neutral rating following the company's 3Q earnings report. Analyst Bryan Spillane believes that results and guidance were disappointing despite organic sales growth being largely in-line with our forecasts and management guidance.
BofA/Merrill Lynch lowered FY18 operating forecasts by $130m due to the 3Q miss and updated management guidance. Margins are being pressured by rising input costs as well as higher operating costs related to co-packing and other supply chain costs.
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