Morgan Stanley analyst Pamela Kaufman has reiterated an Underweight rating on General Mills, Inc. (NYSE:GIS) and lowered the price target to $72 from $77 following mixed 4Q23 results. The analyst remains cautious about the company's long-term growth outlook due to weaker end markets and potential for demand elasticity from recent price increases. General Mills reported 4Q23 sales growth of 3% year-on-year to $5.03 billion, missing the analyst consensus of $5.17 billion. The company sees FY24 Organic net sales growth of 3% - 4%. The analyst also forecasts the risk of rising promotions as Mills is losing share in its categories.