General Mills Gets Price Target Bumps By Analysts Following Strong Q3 Earnings

General Mills Inc GIS reported better-than-expected Q3 results on Thursday.

General Mills reported third sales growth of 13% year-on-year to $5.12 billion, beating the consensus of $4.97 billion. Adjusted EPS of $0.97 topped the consensus of $0.92.

General Mills raised FY23 Organic net sales growth guidance to 10% - 11% from the previously expected 10%.

General Mills shares gained 3.2% to close at $84.80 on Friday and added 0.1% in today’s pre-market trading session.

These analysts made changes to their price targets on General Mills following the release of results.

• Barclays raised the price target on General Mills from $81 to $83. Barclays analyst Andrew Lazar maintained an Equal-Weight rating.
• UBS increased the price target on General Mills from $88 to $96. UBS analyst Cody Ross maintained a Buy rating.
• Mizuho boosted the price target on General Mills from $75 to $80. Mizuho analyst John Baumgartner maintained the stock with a Neutral rating.
• On Friday, Deutsche Bank, Wells Fargo and Morgan Stanley also raised their price targets on the stock.

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