Stifel analyst Matthew Smith lowered the firm’s price target on Conagra Brands to $36 from $43 and keeps a Hold rating on the shares. Conagra closed out its FY23 with “a mixed quarter” and its initial FY24 guidance includes 1% organic sales growth and calls for a 3% to 1% EPS decline, notes the analyst, who says the firm’s target and Hold rating reflect lower estimates and a lower multiple due to uncertainty of volumes inflecting as inflation based pricing wanes.
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Read More on CAG:
- Conagra Brands price target lowered to $38 from $40 at BofA
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