Deutsche Bank Maintains Buy, $46 Target on General Mills

Deutsche Bank reiterates its Buy rating and $46 target price on General Mills (NYSE: GIS) ahead of earnings preview for F2Q12.

Deutsche Bank comments, “We recently increased our price target in part based on leading share in U.S. categories (cereal, refgd. dough, yogurt, cake mix), relatively low valuation (14.7x C2012E P/E), possible conservative volume outlook, productivity, solid FCF, and top mgmt team. We also continue to see LT value creation via JVs and the recent Yoplait acquisition.”

GIS closed at $39.79 per share on Tuesday.