Stifel analyst Matthew Smith lowered the price target on General Mills (NYSE: GIS) to $40.00 (from $44.00) while maintaining a Buy rating.

The analyst commented, "We continue with our Buy rating and lower our target price to $40 target price, which we derive by assigning a 10x EV/EBITDA multiple to our calendar 2026 estimates, placing the shares at a ~20% discount to their historical levels which we believe is appropriate balancing continued volume softness in General Mills categories and limited earnings growth in FY27 against improving price/mix as price investments are lapped."