Jefferies Reiterates Hold On General Mills, Raises PT to $41

In a note out today, Jefferies reiterated a Hold rating on General Mills (NYSE: GIS), but raised its price target on the stock to $41 from $40, implying decent upside from current levels.

"We are reducing our FY12 adj. EPS forecast by 1 cent to $2.59 and are maintaining our FY13 estimate of $2.83. The FY12 reduction is due to a slightly higher share count and lower margin assumptions due to input cost pressure, partially offset by faster revenue growth," Jefferies said in the note.

Shares of General Mills, the second-largest U.S. food company, are up 1.2% today.