General Mills price target lowered to $47 from $50 at Jefferies

Jefferies analyst Scott Marks lowered the firm’s price target on General Mills (GIS) to $47 from $50 and keeps a Hold rating on the shares. U.S. tracked channel data suggests that General Mills’ price investments are “working,” with retail sales and volumes both improving, the analyst tells investors. While the firm sees opportunity for trends to potentially improve and gives credit to management for committing to lowering prices, among other initiatives, to reignite growth, it adds that “there remains more work to be done” and it still expects some continued pressure in the near-term, the analyst tells investors.