Bernstein lowered the firm’s price target on General Mills to $48 from $53 and keeps a Market Perform rating on the shares. Day one of the 2026 CAGNY conference was a mixed bag for the U.S. Food companies, the firm says. General Mills’ (GIS) guidance reduction on both the top and bottom line was in sharp contrast to Conagra’s (CAG) reaffirmation of guidance with an addition bump to free cash flow conversion expectations. Mondelez (MDLZ) didn’t change anything, while McCormick (MKC) pulled back on the 2028 goals that it set at its 2024 investor day.
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