Robert Moskow, an analyst from TD Cowen, maintained the Hold rating on General Mills. The associated price target remains the same with $48.00.
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Robert Moskow has given his Hold rating due to a combination of factors affecting General Mills’ performance. The company’s first-quarter results showed a decline in organic sales by 3%, although earnings per share slightly exceeded expectations. However, these results were positively influenced by temporary factors such as input cost inflation and international trade spending, which are expected to reverse in the following quarter.
Furthermore, the North America Retail segment faced challenges with a 5% sales decline, and volume growth remained stagnant despite significant pricing efforts. The Pet Food segment also underperformed, with organic sales dropping by 4.5% and missing profit forecasts. Management’s cautious approach to new product launches and the competitive landscape further contribute to the uncertainty surrounding future growth, leading to the Hold rating.
In another report released yesterday, Barclays also maintained a Hold rating on the stock with a $54.00 price target.