General Mills price target lowered to $88 from $95 at Piper Sandler

Piper Sandler analyst Michael Lavery lowered the firm’s price target on General Mills to $88 from $95 and keeps an Overweight rating on the shares. The analyst expects General Mills to deliver on its guidance this year and believes the company’s pricing gains will likely stay positive as volume declines moderate. General’s Pet segment will remain an outsized driver of growth long-term, though its capacity constraints and mix shifts will likely drive more moderate sales growth near-term, the analyst tells investors in a research note. The firm reduced estimates to reflect higher interest expense.