RBC Capital Raises Price Target on ConAgra Foods (CAG) Following In-Line 4Q

RBC Capital reiterated a Sector Perform rating on ConAgra Foods (NYSE: CAG), and raised the price target to $50.00 (from $48.00), following the company's 4Q earnings report. CAG reported EPS of $0.52, in-line with the Street's estimate. FY17 estimates of $2.42 was reiterated. FY18 EPS estimate were raised from $2.52 to $2.60, just under the $2.62 consensus.

Analyst David Palmer commented, "We are raising our out-year earnings estimate and price target to reflect our view that aggressive promotion efficiency and revenue management efforts will continue to deliver gross margin wins in Consumer Foods (~70% of future Conagra EBITDA) beyond the $100M of annual savings targeted by fiscal '19. Maintain Sector Perform."

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 $47.81 yesterday.

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