Conagra Brands: Hold Rating Amid Operational Setbacks and Competitive PressuresConagra Brands Inc. (CAG): Buy given limited visibility on the path of improvement, plus we see increasing competitive pressures 24 February 2025 | 2:00AM CST We are downgrading CAG to an updated 12-month price target of $26. After a second operational issue in six months, the path of improvement for CAG has been elongated with less visibility. Moreover, we recently started seeing an increased focus on frozen by a key peer, which will likely make CAG's recovery from these issues more challenging. We acknowledge CAG's low valuation, solid FCF, and portfolio that skews toward higher protein and convenience in alignment with current consumption trends, but we also see continued headwinds tied to increasing competition, higher promotions, and rising input costs.