General Mills Analysts Increase Their Forecasts After Upbeat Earnings

Author: Avi Kapoor | March 21, 2024 02:56pm

General Mills, Inc. (NYSE:GIS) reported better-than-expected fourth-quarter financial results.

General Mills reported a third-quarter FY24 sales decline of 1% year-on-year to $5.099 billion, beating the analyst consensus estimate of $4.962 billion. Adjusted EPS of $1.17 beat the analyst consensus estimate of $1.05, according to data from Benzinga Pro.

“General Mills’ strategic focus on brand building, innovation, and in-store execution contributed to improved volume and market share trends in the third quarter,” said Chairman and CEO Jeff Harmening.

General Mills sees FY24 organic sales growth of -1% to 0%. The company sees FY24 adjusted EPS to grow 4% to 5% in constant currency.

General Mills shares fell 1.3% to trade at $68.54 on Thursday.

These analysts made changes to their price targets on General Mills following earnings announcement.

• Wells Fargo raised the price target on General Mills from $65 to $70. Wells Fargo analyst Chris Carey maintained an Equal-Weight rating.
• Mizuho boosted the price target on General Mills from $65 to $70. Mizuho analyst John Baumgartner maintained a Neutral rating.
• Stifel increased the price target on General Mills from $68 to $77. Stifel analyst Matthew Smith maintained a Buy rating.
• JP Morgan boosted the price target on General Mills from $68 to $72. JP Morgan analyst Ken Goldman maintained a Neutral rating.
• TD Cowen increased the price target on General Mills from $68 to $70. TD Cowen analyst Robert Moskow maintained a Market Perform rating.
• Morgan Stanley increased the price target on General Mills from $58 to $61. Morgan Stanley analyst Pamela Kaufman maintained an Underweight rating.
• HSBC raised the price target on General Mills from $74 to $76. HSBC analyst Alejandro Zamacona maintained a Hold rating.
• B of A Securities increased the price target on General Mills from $68 to $72. B of A Securities analyst Bryan Spillane maintained a Neutral rating.

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Posted In: GIS