RBC Capital analyst Nik Modi resumed General Mills with a Sector Perform rating and a price target of $57 as part of his broader research note initiating the Packaged Foods sector. The analyst contends that consensus expectations on the company's FY20 performance are "reasonable" with limited upside/downside risk following his review of the input cost environment. He also believes that General Mills will continue to perform in its cereal, yogurt, and meals/baking categories. However, Modi warns that the "intense competition" will keep the company's Snacks/granola bars business under pressure.