RBC Capital analyst Nik Modi keeps a Sector Perform rating and $78 price target on General Mills, saying the company reported a mixed quarter with a miss on organic growth and revenue expectations due to inventory reductions but a beat on earnings estimates driven by gross margin strength. General Mills’ EPS guidance of 4%-6% growth is also at the low end of the mid-high single digit long-term algorithm, but looks prudent based on the firm’s macro view, the analyst tells investors in a research note.
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