General Mills (GIS) PT Lowered to $71 at Guggenheim

March 25, 2021 7:13 AM EDT
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Price: $59.18 +0.05%

Rating Summary:
    8 Buy, 16 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 8 | New: 32
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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."

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