Conagra Brands price target lowered to $29 from $30 at RBC Capital

RBC Capital lowered the firm’s price target on Conagra Brands to $29 from $30 and keeps a Sector Perform rating on the shares. The company delivered a soft quarter and needed to guide down, while the management’s updated outlook – a cut in FY24 EPS and sales growth guidance – better reflects the pressured consumer environment as the pivot to ramp merchandising takes a toll on margins, the analyst tells investors in a research note. RBC is cutting its FY24 EPS view by 7c to $2.60 and its FY25 view by 5c to $2.71.