Conagra Brands initiated with a Neutral at Citi

Citi initiated coverage of Conagra Brands with a Neutral rating and $30 price target. The shares are inexpensive relative to most food producers and estimates arguably have less near-term downside risk than others, considering that Conagra is among the few companies that have meaningfully reduced its sales outlook to account for currently weak food at home volumes, the analyst tells investors in a research note. However, the firm considers these two items more as reasons to limit downside in the shares than to drive upside.