Conagra Brands price target lowered to $31 from $39 at Barclays

Barclays analyst Andrew Lazar lowered the firm’s price target on Conagra Brands to $31 from $39 and keeps an Overweight rating on the shares. Despite a weaker than forecast fiscal Q1 organic sales result and below-consensus Q2 sales and earnings expectations, Conagra reiterated its fiscal 2024 guidance, the analyst tells investors in a research note. With the company forecasting a more back half weighted sales and earnings growth trajectory, the firm reduced estimates modestly below guidance on both metrics for 2024.