BofA Reiterates Buy, $28 PT On ConAgra

In a note out today, Bank of America reiterated a Buy rating and $28 price target on ConAgra (NYSE: CAG), implying decent upside from where the shares currently trade.

"We are maintaining our Buy rating as we continue to believe a strong balance sheet, ample free cash flow, and achievable growth objectives provide management with the flexibility to enhance shareholder returns despite a difficult market. Our $28 price objective is based on a 14.3x multiple on our calendar 2012 estimate of $1.96, a 5% discount to its packaged food peers. We believe a below peer multiple is justified by lower margins and growth targets," the bank said in the note.

Shares of food maker ConAgra are up 0.7% in mid-day trading.