General Mills (GIS) PT Lowered to $71 at Guggenheim
- S&P 500 hits new peaks after May inflation data misses estimates
- Nike (NKE) Surges 13% After Beating Q4 Sales, Analysts Raise PTs After 'Exceptional' Quarter
- Banks clear Fed stress test; paving way to boost buybacks, dividends
- FedEx (FDX) Tops Q4 EPS by 2c, Offers FY22 Guidance
- 'If Content is King in Streaming, Netflix (NFLX) Still Wears The Crown': Credit Suisse Upgrades to 'Outperform'
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Guggenheim analyst Laurent Grandet lowered the price target on General Mills (NYSE: GIS) to $71.00 (from $72.00) while maintaining a Buy rating.
The analyst commented, "General Mills reported another quarter of strong results, with 7% organic sales growth, although gross margin is under more pressure than expected due to higher input cost inflation. As an incremental positive, management said it has resumed share repurchases in 4Q, one quarter sooner than we were modeling. We continue to think General Mills is well-positioned to outperform US peers over the coming years thanks to 1) sustainable organic growth driven by prolonged elevated at-home consumption and market share gains, and disposal of lower growth European Yoplait business, 2) improved profitability boosted by pet and Yoplait disposal, and 3) a stronger balance sheet. We are lowering our EPS estimates in FY21 / FY22 / FY23 EPS to $3.78 / $3.84 / $4.08 (prev $3.80 / $3.91 / $4.24) and lowering our price target to $71 (prev $72) due to reduced earnings."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: BMO Capital Upgrades Welltower, Inc. (WELL) to Market Perform
- Summit Materials (SUM) Pricing Inflecting in Cement and Aggs, PT Raised to $43 at Jefferies
- M&G PLC (MNG:LN) PT Lowered to GBP2.39 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesEarnings, Guggenheim, Laurent Grandet
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!