Jefferies raised the firm’s price target on General Mills (GIS) to $62 from $58 and keeps a Hold rating on the shares. Management comments at the recent CAGNY event on retailer inventory and consumption trends “seemed to signal a possible guidance cut” when the company reports Q3 results, the analyst tells investors. Data the firm looks at supports that notion, with Q3 NAR tracked channel retail sales trends worsening sequentially from Q2, the analyst added.
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