UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on General Mills

In a report published Monday, the Goldman Sachs Group reiterated its Neutral rating on General Mills GIS, but slightly lowered its price target from $42.00 to $41.00. Goldman Sachs noted, “Given recent moves in the grain complex and softer volume performance in Nielsen measured channels, we lower our FY2013/FY2014 EPS to $2.62/$2.89 from $2.65/$2.92 and introduce our FY15 estimate of $3.11. As a result of the estimate revisions, we lower our 12-month, P/E- and EV/EBITDA-based price target to $41 from $42.” General Mills closed on Friday at $38.63.