Bank of America Reiterates Buy and PT of $42 on General Mills

Bank of America reiterated its Buy rating on General Mills GIS. At the same time, the rating agency left its price target on the company's stock unchanged at $42 ahead of the company's quarterly earnings report, which is due on June 29. In a research report published today, Bank of America states, "GIS has distinguished itself as one of few food companies that has not lowered objectives over the past year. Given tight operating conditions, we do not see much room for meaningful EPS upside in FY12 but as such we expect the stock to appreciate with earnings growth." On Tuesday, General Mills finished the day at $38.33.