Analysts Trim Price Target On Conagra Brands Post Q4 Results

Credit Suisse analyst Robert Moskow reiterated a Neutral rating on Conagra Brands Inc CAG and lowered the price target to $35 from $36 (an upside of 4%).
The analyst thinks Conagra's Q4 EPS and guidance for operating income growth (6-9%) were in-line with consensus, but the quality fell short of expectations, with volume declines accelerating to 6%.
Related: Conagra Brands Reports Mixed Q4 Earnings
Conagra's stock had moved higher with the rest of the food group because price increases were flowing through at retail and showed signs of catching up to inflation.
Moskow added that the price-cost relationship would benefit the back half.
The analyst said that companies with higher quality brands in their portfolios are likely to weather the economic pressures better than others.
Morgan Stanley analyst Pamela Kaufman maintained an Equal-weight rating and lowered the price target to $34 from $36 (1% upside).
Deutsche Bank analyst Steve Powers reiterated a Hold rating and lowered the price target to $32 (5% downside).
Price Action: CAG shares are trading higher by 1.36% at $33.60 on the last check Friday.
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