BofA analyst Bryan Spillane lowered the firm’s price target on General Mills to $82 from $88 and keeps a Neutral rating on the shares. The firm views the negative share price reaction to Q4 results as a result of an organic sales miss related to retailer inventory reduction in North American retail and an operating profit miss compared to consensus. FY24 consensus estimates are “not likely to move much” and the firm’s own estimates are not moving, but with the stock trading at a premium to packaged food stocks it has “netted some mean reversion in valuation,” BofA says.
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