Conagra Brands price target lowered to $29 from $32 at TD Cowen

TD Cowen lowered the firm’s price target on Conagra Brands to $29 from $32 and keeps a Market Perform rating on the shares. The firm said Conagra beat on its Q1 earnings but the quality was weak. Management reaffirmed its guidance but guided 2Q24 sales to down, LSD higher trade spend, and lower margins versus 1Q24. TD Cowen said this sounds optimistic in an increasingly challenging environment.