Analysts at Merrill Lynch yesterday [Monday] said it raised the stock rating on General Mills Inc.
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The rating has been raised to a ‘strong buy’ in the intermediate term from a ‘buy’.
Last week General Mills warned of a lower fiscal Q4 and 2003 full-year earnings, as it was experiencing greater difficulties integrated Pillsbury that expected.
Nevertheless, “There should be a more focused and dedicated sales force with six months’ experience in the combined companies”, wrote Merrill Lynch analyst Leonard Teitelbaum in a research note. “We expect early evidence to be seen in less than 60 days from now. We think that will cause former believers in the stock to return to the fold”.
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