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General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says
US Markets

General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says

US food producers including General Mills (GIS) and J.M. Smucker (SJM) may see their fiscal 2027 earnings missing consensus estimates amid rising input costs, Morgan Stanley said in a note emailed Friday.The brokerage lowered 2027 earnings-per-share estimates for the two companies, as well as for Conagra Brands (CAG) and Campbell's (CPB)."Heading into off-cycle earnings over the next several weeks, the focus is squarely on (fiscal 2027) outlooks -- both in terms of formal guidance for (J.M. Smucker, General Mills, and Conagra), as well as any incremental commentary from (Campbell's) -- with negative revisions generally expected amid ongoing topline weakness and incremental margin pressure from higher input costs post the Iran conflict," according to the Morgan Stanley report.Wholesale costs rose at the fastest pace in four years in April as broad-based increases in services and goods signaled intensifying inflation pressures, data released last month showed.Morgan Stanley now projects 2027 EPS of $1.41 for Conagra, $2.02 for Campbell's, $2.97 for General Mills and $9.74 for J.M. Smucker. The consensus estimates are $1.63, $2.11, $3.20 and $9.92, respectively.Morgan Stanley lowered its price targets to $13 from $15 for Conagra, $21 from $23 for Campbell's and $32 from $37 for General Mills. It raised J.M Smucker's price target to $106 from $104."While there has been some recent sequential improvement in scanner trends as of late, visibility into durability remains low given a choppier macro backdrop," the report said. "At this point, (J.M Smucker) likely screens best, supported by solid recent trends, albeit with some uncertainty around coffee elasticities."The brokerage said market share trends remain weak for General Mills, which has "limited flexibility after leaning into price to stabilize volumes." Conagra is more exposed to the low-end consumer hit hard by inflation."We would put (Campbell's) somewhere in the middle -- near-term trends remain weak, but with new leadership in snacks, there is at least some potential for strategic changes to support improvement," Morgan Stanley said.Campbell's is scheduled to release its fiscal third-quarter results on Monday, while J.M. Smucker will post its fourth-quarter financials on Tuesday. General Mills reports on July 1, followed by Conagra on July 9.Price: $21.27, Change: $-0.29, Percent Change: -1.32%

$CAG$CPB$GIS$SJM
Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says
US Markets

Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says

US packaged food companies' upcoming quarterly results are likely to highlight a "tough" setup for the industry amid weaker demand and increasing costs, UBS Securities said in a note e-mailed Tuesday.The brokerage flagged downside potential to Wall Street's projections for the back half of the year and beyond given mounting cost pressures. The industry at the same time is facing structural changes "that could materially shift the growth trajectory for some time," UBS analysts Peter Grom and Sona Fernandes said in the note to clients.Campbell's (CPB), J.M. Smucker (SJM), General Mills (GIS), Conagra Brands (CAG), Simply Good Foods (SMPL), and McCormick (MKC) comprise the brokerage's packaged food coverage. The companies are expected to report results over the coming weeks."As has been the case for some time, we expect top-line trends to remain under pressure for most (of the names), and when layering in cost pressures that have ratcheted higher, we see downside risk to Street numbers looking out to the back half of the year and beyond," Grom and Fernandes said.Campbell's faces a "negative" setup ahead of its results amid "demand trends (that are) yet to show meaningful improvement and cost pressures that could drive out year estimates lower," the analysts wrote.UBS sees an "unfavorable setup" for General Mills ahead of its results. "We believe (fiscal 2027) guidance will fall short of expectations driven by top-line growth that remains underwhelming, cost pressures that will likely offset benefits from (corporate strategy) savings, and lapping unique items such as the 53rd week, incentive comp, and a divestiture," Grom and Fernandes said.For Conagra, the fundamental setup into its latest results continues to be "challenged, as top-line trends remain underwhelming," with cost pressures expected to lead to fiscal 2027 outlook falling short of the Street's views at the midpoint, according to the note.Simply Good Foods' "demand trends remain under pressure and cost pressures remain elevated making it difficult to step in," Grom and Fernandes said.UBS sees J.M. Smucker and, to some extent, McCormick as "partial exceptions" in its downbeat industry outlook.J.M. Smucker "remains one of the few companies across our packaged food coverage where we see a path to organic sales growth and strong bottom-line delivery" looking out over the next 12 to 18 months, the analysts said. McCormick's fundamentals "remain better than most, but the company is also not immune to moderating category trends and cost pressures," according to Grom and Fernandes."In many ways, we think growth algorithms for the group could be permanently impaired, and when comparing valuation to other industries that have structural top-line concerns, we think there in fact could be room for further multiple compression," the analysts wrote.Price: $21.12, Change: $+0.04, Percent Change: +0.19%

$CAG$CPB$GIS$MKC$SJM$SMPL
Wire

UBS Adjusts Price Target on General Mills to $30 From $35, Maintains Sell Rating

General Mills (GIS) has an average rating of hold and mean price target of $37.76, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $33.28, Change: $-0.33, Percent Change: -0.98%

$GIS
Insider Trading

General Mills Insider Sold Shares Worth $682,367, According to a Recent SEC Filing

Jacqueline Williams-Roll, Chief Human Resources Officer, on May 12, 2026, sold 20,000 shares in General Mills (GIS) for $682,367. Following the Form 4 filing with the SEC, Williams-Roll has control over a total of 95,834 common shares of the company, with 19,832 shares held directly and 76,002 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/40704/000089710126000170/xslF345X05/edgardoc.xmlPrice: $33.43, Change: $-0.18, Percent Change: -0.54%

$GIS
Research

BTIG Initiates General Mills at Neutral

General Mills (GIS) has an average rating of hold and mean price target of $39.89, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$GIS