General Mills price target lowered by $3 at Evercore ISI, here’s why

Evercore ISI analyst David Palmer lowered the firm’s price target on General Mills to $72 from $75 and keeps an In Line rating on the shares. The firm is lowering its fiscal Q2 and second half organic revenue growth estimates to 1% and 1.5%, respectively, as a result of volume declines in the pet food, dough and fruit snacks segments and trimming its target to reflect a more modest premium to center-store peers as a result of organic revenue trends.