General Mills price target lowered to $53 from $60 at Piper Sandler

Piper Sandler lowered the firm’s price target on General Mills (GIS) to $53 from $60 and keeps an Overweight rating on the shares. The cost of meeting consumers’ expectations on value have grown beyond what General Mills had initially expected, as consumers have been buying more promoted volume and less non-promoted volume, hurting its top-line and margins, the firm says.