BofA upgrades rating for J M Smucker, downgrades General Mills

General Mills

23/02/2026 14:21

** Brokerage BofA changes rating on packaged food companies including J M Smucker SJM.N and General Mills GIS.N, following Consumer Analyst Group of New York (CAGNY) conference

** BofA upgrades SJM stock to "buy" from "neutral"; raises PT to $130 from $120; shares up ~2% premarket

** Brokerage says recent actions such as certain promotions and
optimizing the manufacturing footprint should help stabilize profitability while core segments show strong fundamentals

** Adds "SJM presents as a relatively limited GLP-1 exposed center store food company relative to peers"

      ** BofA downgrades GIS stock to "neutral" from "buy"; cuts PT to $48from $55; shares down ~1% premarket

** "Consumer spending recovery has been slower than expected particularly for low- and middle-income, causing a higher cost of volume," says brokerage

** SJM fell 11% in 2025, while GIS fell 27%

 (Reporting by Koyena Das from Bengaluru)

 ((Koyena.das@thomsonreuters.com))