As previously reported, Evercore ISI analyst David Palmer downgraded Conagra Brands to In Line from Outperform with an unchanged price target of $32. The firm sees potential downside to FY24 retail organic sales and is maintaining its slightly below consensus FY24 organic revenue growth and EPS estimates, the analyst tells investors. Frozen meals and vegetables sales are down 6% year-over-year in measured channels due to share losses to brands and private label as well as weakening category trends, which is “particularly disappointing” as these makes up 44% of sales, the analyst added.
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