General Mills (GIS) PT Raised to $85 at BMO Capital; 'Rock Solid'

BMO Capital analyst Kenneth Zaslow raised the price target on General Mills (NYSE: GIS) to $85.00 (from $80.00) while maintaining a Market Perform rating following results and guidance.

The analyst commented, "First, GIS 1Q/2023 EPS of $1.11 far exceeded consensus of $1.00 as more muted elasticity drove far better performance in North American Retail, more than offset supply constraints in Pet, and led to gross margin expansion. Second, despite increasing its inflation expectation, GIS increased its F2023 constant currency EPS outlook to $4.02-4.14 (2-5%) from $3.94-$4.06. Third, we increased our target price yet again, reflecting our upwardly revised outlook."

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