Investment banking giant Salomon Smith Barney yesterday [Thursday] slashed its investment rating on cereals giant General Mill from “outperform” to “underperform”.
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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.
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By GlobalData
