ConAgra (CAG) Reiterated Underperform After Meeting with the CEO - Credit Suisse

Credit Suisse analyst Robert Moskow reiterated an Underperform rating and $33.00 price target on ConAgra (NYSE: CAG) after meeting with Sean Connolly (CEO), who provided many compelling reasons why the company can retain consumers who tried its brands during the pandemic and achieve its aggressive $2.66-$2.76 EPS target for FY 22.

The analyst stated "We respect the upgrades Connolly’s team has made to Conagra’s product innovation, pricing strategy, consumer insights, supply chain effectiveness, and corporate culture. We remain cautious on the stock, however, because we believe the company’s sales will revert back to its prior baseline faster than management expects once consumers regain mobility and go back to their prior eating habits. Recall that despite all the upgrades, Conagra was on track to miss earnings expectations for the second year in a row just prior to the onset of the pandemic".

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 $33.76 yesterday.

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