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General Mills initiated with a Sell at UBS

UBS initiated coverage of General Mills (GIS) with a Sell rating and $54 price target implying 6% downside from current levels. The firm’s analysis suggests that Street estimates for fiscal 2026 on both the top and bottom line appear optimistic, even after a significant reduction following earnings in mid-March, the analyst tells investors in a research note. UBS thinks bottom line delivery will be challenged when adding in headwinds from reinvestment, the impact of yogurt divestitures, and an incentive comp reset, and does not believe downside is priced in.

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