Citi Reiterates Buy Rating On ConAgra Foods Despite Tough F2011

According to Citi, ConAgra Foods CAG finishes a tough F2011. Citi said that F2011 can only be characterized as a disappointing year for ConAgra as commodity inflation outpaced ConAgra's ability to increase pricing. “Additionally, during F2011, ConAgra reduced its long-term EPS growth expectation to a new range of EPS growth of 6%-8%. ConAgra finished F2011 with a 1c miss relative to our estimate and consensus estimates, coming in at $0.47/sh for F4Q11.” ConAgra Foods closed yesterday at $25.37.