General Mills price target lowered to $67 from $70 at RBC Capital

RBC Capital lowered the firm’s price target on General Mills (GIS) to $67 from $70 and keeps a Sector Perform rating on the shares. The company reported a tough quarter, confirming a currently difficult operating environment in packaged food, as consumers continue to seek greater value while retailers are also managing their inventories tightly, the analyst tells investors in a research note. This is forcing General Mills to make price investments and step up marketing, leading to pressure on profitability, RBC adds.