RBC Capital lowered the firm’s price target on General Mills (GIS) to $67 from $70 and keeps a Sector Perform rating on the shares. The company reported a tough quarter, confirming a currently difficult operating environment in packaged food, as consumers continue to seek greater value while retailers are also managing their inventories tightly, the analyst tells investors in a research note. This is forcing General Mills to make price investments and step up marketing, leading to pressure on profitability, RBC adds.
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Read More on GIS:
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- General Mills Reports Decline in Q3 Earnings
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