General Mills (GIS) PT Lowered to $72 at Stifel

Stifel analyst Matthew Smith lowered the price target on General Mills (NYSE: GIS) to $72.00 (from $86.00) while maintaining a Buy rating.

The analyst commented, "At a conference today, General Mills reiterated its FY24 guidance and discussed trends impacting its North America Retail and Pet businesses, while noting that Foodservice and International are performing well. In FY24, the company continues to expect 3%-4% organic sales growth and 4%-6% constant currency growth for both EBIT and EPS. 1QF24 sales in North America Retail are expected to outpace measured channel sales that have been impacted by lapping pricing actions and value-seeking behavior by consumers, faster growth in non-measured channels and some inventory rebuilding at retail. Pet sales are expected to be flat in 1Q24 due to less pricing and consumers shifting to more value-oriented products and channels. We have slightly lowered our revenue expectations in 1Q24 and for the year. We continue with our Buy rating and are lowering our target price to $72, which continues to place the shares at a modest premium to peers."

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