JP Morgan Comments on ConAgra's Operations

By Abe Raymond
Benzinga Staff Writer
September 14, 2011 9:12 AM

Symbols: CAG

Posted in: Analyst Color, Reiteration, Analyst Ratings

JP Morgan released a research report this morning, in which it reiterates its Neutral rating on ConAgra Foods (NYSE: CAG) with a $26 price target.

JP Morgan states that "ConAgra Foods will report its first fiscal (August) quarter on Tuesday, September 20. Our estimate of $0.30 is a penny below the consensus estimate and 8% below year-ago levels. We expect ongoing challenges in the frozen entrees category, as well as high raw material costs, to continue to pressure earnings"

ConAgra closed at $24.06 yesterday.

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