UPDATE: UBS Starts General Mills (GIS) at Neutral
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UBS analyst Cody Ross initiates coverage on General Mills (NYSE: GIS) with a Neutral rating and a price target of $69.00.
The analyst comments "GIS is exposed to faster growing categories as a result of management’s strategic decisions to reshape the portfolio over the past 4 years (i.e., acquisition of Blue Buffalo; divestiture of European Yoplait business). The pet segment drove over 100% of GIS growth from 1Q FY19 through 3Q FY20, but going forward we anticipate it to contribute only ~50% to the company’s growth given the rest of the portfolio is on more firm footing. GIS experienced one of the highest increases in HH penetration since COVID, while repeat purchase rates remain above 2019 level."
Shares of General Mills closed at $67.66 yesterday.
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