UPDATE: Jefferies Upgrades ConAgra (CAG) to Buy

(Updated - June 22, 2020 6:09 AM EDT)

(updating comment)

Jefferies analyst Rob Dickerson upgraded ConAgra (NYSE: CAG) from Hold to Buy with a price target of $41.00 (from $31.00).

The analyst comments "A reduction in CAG's brand portfolio risk via higher at-home food consumption increases FY’22 target achievability, in our view, given further top line tailwinds. Consensus FY’22 EPS of $2.50 still sits ~6% below the bottom of management’s guidance range of $2.66-2.76. We’re currently at $2.70, or ~8% above consensus, and think the stock’s 15% relative P/E valuation discount to US food peers is unjustified."

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 $33.55 yesterday.

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