BofA analyst Peter Galbo lowered the firm’s price target on General Mills (GIS) to $78 from $80 but keeps a Buy rating on the shares. The stock’s negative reaction following Q2 earnings reflects incremental investment spend that the company is making in the second half of FY25, primarily in North America Retail, though that spending “delays” the firm’s positive thesis rather than derail it, the analyst tells investors in a research note. BofA adds that Q2 results still confirmed its premise that if Pet sales inflect positive, shares could re-rate to a more historical multiple.
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