Jefferies Maintains Hold on General Mills

Jefferies is out with its report on General Mills GIS, maintaining Hold. In a note to clients, Jefferies writes, "GIS provided FY15 EPS guidance of $3.38, a 9.0% CAGR from FY12 guidance, and indicated that it might exceed the target due to the Yoplait benefits. We remain cautious on what we consider bullish guidance given our view of limited deal synergies. We would have liked to hear more details about Yoplait and the plans to grow it but it might be too early for mgmt to provide add'l insights." Jefferies maintains a $40 PT on GIS. Shares of GIS closed Wednesday at $36.88, down 0.46% from Tuesday's close.