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General Mills upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded General Mills (GIS) to Outperform from Sector Perform with a price target of $63, down from $67. The firm acknowledges investor sentiment around packaged food “remains poor and fundamentals have yet to fully turn,” but it believes General Mills’ fiscal 2026 earnings guidance “embeds enough cushion for it to deliver, despite an ongoing sluggish environment.” RBC is also encouraged by management’s acknowledgment that prices need to come down further. RBC says a key pillar of its investment framework for the rest of 2025 revolves around which companies cut earnings enough, and it believes General Mills “now falls within this bucket.”

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