General Mills: Rises after CS upgrades to ‘outperform’

** Betty Crocker cake mix and Cheerios cereal maker’s shares rise 1.4% to $59.52 premarket after Credit Suisse upgrades to ‘outperform’ from ‘neutral’

** General Mills has become one of the most sophisticated e-commerce vendors in the consumer packaged goods industry- CS

** Consistent reinvestment into product quality, e-commerce, and media support has helped General Mills gain or hold market share in 8 of its top 10 categories, says brokerage

** CS says GIS ranks among the top players in the sector in terms of growth in household penetration and repeat rates during COVID-19

** Brokerage raises PT to $67 from $65, FY21 EPS est. to $3.75 from $3.59, and FY22 EPS est. to $3.86 from $3.76

** 5 of 20 brokerages rate the stock “buy” or higher, 13 “hold” and 2 “sell” or lower; their median PT is $65

** YTD, stock gained 9.5%, as of last close

(Reporting by Shreyasee Raj in Bengaluru)

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