Update: BofA Securities Downgrades General Mills to Neutral From Buy, Cuts Price Target to $48 From $55

MT Newswires Live02-24 00:26

(Updated to include BofA's commentary).

BofA Securities downgraded General Mills (GIS) to neutral from buy on remaining challenges despite some recent volume share improvement.

Consumer spending recovery has been slower than expected, causing a higher cost of volume. While the company is taking steps to ameliorate volumes, the brokerage believes that the turnaround has now been pushed out further, analyst Peter T. Galbo wrote in a Monday note.

General Mills has an average rating of hold and mean price target of $47.50, according to analysts polled by FactSet.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 45.20, Change: +0.58, Percent Change: +1.30

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