General Mills price target lowered to $86 from $95 at Stifel

Stifel analyst Matthew Smith lowered the firm’s price target on General Mills to $86 from $95 and keeps a Buy rating on the shares. While General Mills closed out its FY23 with “another EPS beat” and provided its initial FY24 outlook at or above its long-term growth targets, this was not enough to ease concerns about the transition back to “normal,” the analyst tells investors. The firm argues that its 15% premium to the packaged food group “appropriately reflects” the company’s growth outlook and strong balance sheet against measured margin expansion and profit leverage in FY24.