Conagra Brands price target lowered to $32 from $36 at RBC Capital

RBC Capital analyst Nik Modi lowered the firm’s price target on Conagra Brands to $32 from $36 and keeps a Sector Perform rating on the shares. The company’s Q1 topline results were “soft as expected” amid consumer pressures manifesting into volume weakness, though the management also reiterated guidance implying back-half-weighted volume and earnings growth, the analyst tells investors in a research note. Volume comps will get easier, but the firm remains cautious as consumer pressures may ultimately force higher levels of spending over the coming quarters, the firm added.