General Mills price target lowered to $70 from $78 at BofA

BofA lowered the firm’s price target on General Mills (GIS) to $70 from $78 and keeps a Buy rating on the shares. General Mills reiterated its long-term targets during its Consumer Analyst Group of NY presentation, but did not provide an official update on FY25 financial outlook as it continues to see how data comes in for Q3, notes the analyst, who also points out that the company also did not reiterate the outlook. To reflect weaker quarter-to-date scanner data QTD, North America Retail inventory bleed out and Pet destocking, the firm lowered its FY25 adjusted EPS forecast to $4.35 from $4.39.