Mizuho Securities analyst John Baumgartner reiterated a Neutral rating on the shares of General Mills Inc (NYSE: GIS) and lowered the price target from $80 to $70.
Q1's modest revenue & profit upside keeps GIS on track for FY24 guidance, and benefits from reduced corporate expense should be nearly capable of achieving the low-end EPS guide, said the analyst.
In recent months, Pet category volume erosion has been accentuated by trade-down from premium-priced items.
Not only was that evident in Q1's segment volume pressure (-5% versus -3% comp), but FQ2 expectations are also muted despite an even weaker volume comp from YAG ...