General Mills price target lowered to $61 from $70 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on General Mills to $61 from $70 and keeps a Sell rating on the shares after its Q1 results and affirmed guidance. The quarter highlighted some areas of strength but unfortunately also highlighted challenges for the two segments that accounted for 89% of its segment profit last year – North American Retail and Pet, the analyst tells investors in a research note. The firm adds that slower industry growth and share losses are weighing in General Mills’s Pet segment, and it sees little reason for near-term optimism.