UBS analyst Cody Ross upgraded General Mills to Buy from Neutral with a price target of $88, up from $85. The stock has underperformed the large-caps on concerns that structural headwinds are forming in the Pet category, but these fears are misplaced given the long-term runway for premiumization of pet products on "humanization of pet trends" and the near-term visibility to margin recovery in the segment, the analyst tells investors in a research note. UBS further cites General Mills’ improved balance sheet and its consistent free cash flow generation.
Published first on TheFly
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