General Mills (GIS) PT Raised to $62 at Jefferies Ahead of Earnings
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Jefferies analyst Rob Dickerson raised the price target on General Mills (NYSE: GIS) to $62.00 (from $61.00) ahead of F4Q20 results Wednesday BMO. The PT increase comes with a model update to include strength in US tracked channel retail trends, a re-emerging US convenience-store channel, ongoing strength in pet, strong at-home trends in Europe, potentially decent results in Brazil given the company’s basic-good portfolio positioning, and less of a currency headwind in FY’21.
The analyst reiterated a Hold rating, stating "Mgmt seems to be executing well and the business seems to be on solid ground, but given that the company is facing growth offsets in FY’21, the stock has been a food outperformer so far in 2020, and valuation is currently at a premium vs the group, we remain sidelined. We’ve tweaked our estimates higher for Q4 and FY’21, though we are still looking for a flat-to-down-1% EPS guide".
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