RBC Capital, Credit Suisse Boost Price Targets On General Mills Following Q2 Earnings, But This Analyst Slashes PT

General Mills, Inc. GIS reported better-than-expected earnings results for its second quarter on Tuesday.

General Mills reported second-quarter FY23 sales growth of 4% year-on-year to $5.22 billion, beating the consensus of $5.19 billion. Adjusted EPS of $1.10 topped the consensus of $1.06.

General Mills raised FY23 Organic net sales growth guidance to 8% - 9% from 6% - 7%. The company raised FY23 constant-currency adjusted EPS growth to 4% - 6% from 2% - 5%.

General Mills shares dropped 4.6% to close at $83.13 on Tuesday, and gained 1% to trade at $83.94 on Wednesday.

These analysts made changes to their price targets on General Mills after the company released quarterly results.

  • UBS cut the price target on General Mills from $88 to $85. UBS analyst Cody Ross maintained a Neutral rating on the stock.
  • RBC Capital raised General Mills price target from $72 to $76. RBC Capital analyst Nik Modi maintained a Sector Perform rating on the stock.
  • Credit Suisse boosted the price target on the stock from $77 to $82. Credit Suisse analyst Robert Moskow maintained the stock with a Neutral.

Read This Next: Why Fear Level Among US Investors Is Increasing

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidancePrice TargetMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!