RBC Capital Raises Price Target on General Mills (GIS) to $73 Following 4Q
RBC Capital reiterated an Outperform rating on General Mills (NYSE: GIS), and raised the price target to $73.00 (from $70.00), following the company's 4Q earnings report.
Analyst David Palmer commented, "We are raising our estimates following a solid fiscal 4Q beat. We also raise our price target, as visibility to HSD earnings growth over the next 1–2 years improves, driven by accelerated cost savings and productivity growth. While near-term revenue expectations move lower due to margin-accretive SKU and promotion rationalization, we believe improved cereal trends and easing yogurt and Walmart comparisons present potential upside to our estimates over the medium term."
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Shares of General Mills closed at $67.86 yesterday.