Bernstein upgraded General Mills to Market Perform from Underperform with a price target of $70, up from $62. The analyst cites an expected second half of 2024 improvement in volume growth and the stock’s recent underperformance which has led to a 20-plus year low valuation for the upgrade. The firm thinks U.S. food sector volume growth will inflect positive in the second half of 2024, as companies lap price declines in single-ingredient food categories more associated with cooking from scratch. It believes this will lead to an improvement in stock performance.
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