General Mills price target lowered to $64 from $75 at TD Cowen

TD Cowen lowered the firm’s price target on General Mills (GIS) to $64 from $75 and keeps a Hold rating on the shares. General Mills’ negative forecast revision to fund incremental investment for promotions reinforces the firm’s view that “Big Food” companies stretched their prices too high during the pandemic, says the analyst, who also sees a rising headwind from consumers shifting their shopping patterns to fresh foods at the expense of center store.