These Analysts Slash Their Forecasts On General Mills After Q1 Results

General Mills Inc GIS reported better-than-expected earnings for its first quarter.

The company reported first-quarter FY24 sales growth of 4% year-on-year to $4.90 billion, beating the analyst consensus of $4.88 billion. Adjusted EPS of $1.09 topped the consensus of $1.08.

General Mills reaffirmed its FY24 organic sales growth outlook of 3%-4%. The company expects FY24 adjusted EPS to grow 4%-6% in constant currency.

General Mills shares gained 0.8% to trade at $66.39 on Thursday.

These analysts made changes to their price targets on General Mills following earnings announcement.

• Goldman Sachs cut the price target on General Mills from $70 to $61. Goldman Sachs analyst Jason English maintained a Sell rating.
• Morgan Stanley slashed the price target on General Mills from $72 to $58. Morgan Stanley analyst Pamela Kaufman maintained an Underweight rating.

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