Wells Fargo initiated coverage of Conagra Brands with an Equal Weight rating and $31 price target. The firm notes that its price target is based on 11-times its 2025 EPS, which reflects a 15% discount to Conagra’s historical average of 13-15-times. This is also a 20% discount to domestic-focused food peers, which is more in line with long-term historical averages, Wells adds. While valuation doesn’t screen problematic, with volumes weakest amongst Food peers, and what appears aggressive guidance on volume recovery, the firm doesn’t believe Conagra should receive a premium to past averages vs said peers.
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