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Fly News Breaks for May 24, 2017
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May 24, 2017 | 16:31 EDT
Piper Jaffray analyst Michael Lavery initiated General Mills with an Underweight and a $57 price target saying international sales highlights potential risks to estimates. The analyst sees international sales below consensus by $70M-$75M, comparable to the Q4 2016 one-time gain from an accounting change and an extra month of European yogurt sales. Lavery also said said scanner data for 6 of its 7 largest categories are down by more than 3% and shifts in the retail environment present risks for center-store processed food manufacturers.
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