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Fly News Breaks for March 22, 2017
GIS
Mar 22, 2017 | 06:35 EDT
As previously reported, Stifel downgraded General Mills to Hold from Buy and lowered its price target to $60 from $67. Analyst Christopher Growe has increased concerns regarding sales improvement at the company and the related margin improvement outlook. The analyst said management backed off its 20% margin target at its recent CAGNY conference presentation, at least not reiterating the target, likely due to the negative impact from volume deleveraging and increased levels of investment. Growe adds, yogurt trends have been very weak and will likely require more investment and new product innovation that will continue to challenge the margin outlook and the necessary improvement in sales and earnings growth to support a materially higher valuation will take time to develop.
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