- Credit Suisse analyst Robert Moskow upgraded Conagra Brands Inc CAG to Neutral from Underperform with an unchanged price target of $34.
- A "worst case" is already being priced into the shares, Moskow notes.
- The analyst views Conagra's risk/reward as neutral saying consensus estimates already assume an earnings miss in fiscal 2022 off of reduced guidance.
- The stock's valuation has dropped below its five-year average, adds Moskow. He thinks the catalyst for downward earnings revisions has now passed.
- Price Action: CAG shares are trading higher by 3.27% at $34.74 on the last check Wednesday.
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