BofA lowered the firm’s price target on General Mills to $68 from $70 and keeps a Neutral rating on the shares. General Mills on Wednesday reported Q4 results with sales downside and EPS upside, the analyst tells investors in a research note. U.S. Food and Pet Food industry demand has remained stubbornly soft this year as marketing and promotions are having a muted impact and tailwinds have yet to emerge, and while FY25 does address the issue with planned increases in media, brand and price investment, investors are likely to take a “wait and see” stance, BofA says.
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