RBC Capital, Credit Suisse Boost Price Targets On General Mills Following Q2 Earnings, But This Analyst Slashes PT

General Mills, Inc. GIS reported better-than-expected earnings results for its second quarter on Tuesday.

General Mills reported second-quarter FY23 sales growth of 4% year-on-year to $5.22 billion, beating the consensus of $5.19 billion. Adjusted EPS of $1.10 topped the consensus of $1.06.

General Mills raised FY23 Organic net sales growth guidance to 8% - 9% from 6% - 7%. The company raised FY23 constant-currency adjusted EPS growth to 4% - 6% from 2% - 5%.

General Mills shares dropped 4.6% to close at $83.13 on Tuesday, and gained 1% to trade at $83.94 on Wednesday.

These analysts made changes to their price targets on General Mills after the company released quarterly results.

• UBS cut the price target on General Mills from $88 to $85. UBS analyst Cody Ross maintained a Neutral rating on the stock.
• RBC Capital raised General Mills price target from $72 to $76. RBC Capital analyst Nik Modi maintained a Sector Perform rating on the stock.
• Credit Suisse boosted the price target on the stock from $77 to $82. Credit Suisse analyst Robert Moskow maintained the stock with a Neutral.

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