General Mills initiated with a Neutral at Citi

Citi initiated coverage of General Mills with a Neutral rating and $67 price target. The firm remains confident that General Mills will return to organic sales growth “within a few quarters” and drive sustained EPS growth over time, but finds it difficult to be more constructive in its rating when the pet business, which is a key growth driver, is struggling so much and for reasons that could extend past the weaker consumer environment, the analyst tells investors.