General Mills initiated with a Neutral at Mizuho

Mizuho analyst John Baumgartner initiated coverage of General Mills with a Neutral rating and $75 price target. The analyst believes modest upside is possible to fiscal 2023 consensus estimates if "retail elasticities remain muted." However, General Mills’ short-term risk/reward is tempered by a valuation that already reflects the company’s defensive characteristics and consensus at the high-end of guidance, the analyst tells investors in a research note.