Conagra Brands price target lowered to $33 from $34 at BofA

BofA lowered the firm’s price target on Conagra Brands to $33 from $34 and keeps a Neutral rating on the shares after the company reported fiscal Q1 earnings of 53c, below the firm and the Street at 60c, driven by weaker underlying sales and profits further pressured by an unfavorable impact from temporary manufacturing disruptions at Hebrew National. Excluding the disruption, sales and margins in the quarter still came in below the firm’s estimate, notes the analyst, who contends that Conagra’s “achievable guidance,” as it had described the view last quarter, now comes into question. BofA lowered its own FY25 adjusted EPS forecast to $2.55 from $2.60.