USA: General Mills rating cut to “underperform” by Salomon
Investment banking giant Salomon Smith Barney yesterday [Thursday] slashed its investment rating on cereals giant General Mill from "outperform" to "underperform".
Analyst Jaine I. Mehring is quoted by Reuters as admitting concern about General Mills' ongoing business model: "This ratings change is an extension of thesis we have been building on the company for some time, as captured in most of our research pieces published over the last year.
"We view this change as more of a fundamental, 'philosophical' call rather than a specific catalyst-driven trade."
Salomon also reduced General Mills' price target to US$42 from US$50.
Companies: General Mills
General Mills announced that net sales for the second quarter of the 2006 fiscal year increased by 3% to US$3.27bn net diluted earnings...
Cereal company General Mills has said it expects an increase in net earnings for the second quarter. It is due to announce second quarter results on 22 December....
US food company General Mills has unveiled a 25-foot-tall Jolly Green Giant billboard in New York City's Times Square to officially launch its multi-million dollar marketing campaign for the Green Gia...
Cereal maker General Mills has reported a sharp rise in earnings for the first quarter ended 28 August....
US cereal company General Mills has reported rises in sales and profits for the 2005 financial year, but fourth quarter sales were down....
Activist doctors' group Physicians Committee for Responsible Medicine has announced that it has filed two major lawsuits to stop a multimillion-dollar advertising campaign claiming that milk facilitat...
General Mills' latest advertising campaign aims to raise children's awareness of the importance of breakfast. However, although the company is hoping to be seen as a champion of children's health, it ...
Breakfast cereal maker Weetabix is in advanced talks to sell two of its American businesses for a total of about $110m, according to the Times newspaper....
- Interview: Sir Kensington's on sale to Unilever
- Analysis: Post discusses rationale for Weetabix
- Who will buy Danone's Stonyfield business?
- Interview: "Disruptive" snack brand Hippeas
- Column: Why snacking is the new meal
- Unilever buys US condiments maker Sir Kensington's
- Nestle organic growth slows but beats expectations
- Ice cream helps Unilever sales, food flat
- Suntory to offload Australia, New Zealand foods
- Dairy dampens Danone in Q1