UPDATE: Jefferies Upgrades ConAgra (CAG) to Buy
- S&P 500 closes at record high as Apple, healthcare stocks help shrug off Delta worries
- Tencent (TCEHY) Falls Sharply as State Media Describes Online Games as ‘Spiritual Opium’, Company Vows to Improve
- Oil settles lower in volatile trade on worries about Delta variant
- Clorox (CLX) Falls Sharply as COVID-19 Demand Wanes
- Dollar steadies as markets weigh economic risks, central bank moves
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."
Shares of ConAgra closed at $33.55 yesterday.
You May Also Be Interested In
- Neurocrine Bio. (NBIX) PT Raised to $138 at Stifel; Nice Ingrezza Beat and Better TRx Commentary
- Medexus Pharma (MDP:CN) (PDDPF) PT Lowered to Cdn$14.25 at Stifel Canada
- Deliveroo Holdings PLC (ROO:LN) (DROOF) PT Raised to GBP p 440 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!