Jefferies Reiterates Buy on ConAgra Foods (CAG) Ahead of Analyst Day

Jefferies reiterated a Buy rating and $56.00 price target on ConAgra Foods (NYSE: CAG) ahead of analyst day. Management will likely lay out LT growth algorithms for both companies. Jefferies expects CAG Brands to produce DD earnings growth and LW to produce HSD/LDD growth over the next couple years.

Analyst Akshay Jagdale commented, "Although we expect mgmt to set conservative growth targets for both CAG Brands and LW at their respective analyst days (LW on 10/13; CAG 10/18), we continue to believe the underlying assets are undervalued and see potential to unlock ~$14B in incremental value. Our proprietary segmentation analysis, asset sale valuation framework, proxy review & stand-alone LW & CAG Brands models differentiate our view relative to the Street & support our Buy rating & $56 PT."

For an analyst ratings summary and ratings history on ConAgra click here. For more ratings news on ConAgra click here.

Shares of ConAgra closed at $46.98 yesterday.

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