UPDATE: Citigroup Raises PT to $31 on ConAgra Foods on Earnings Outlook

Citigroup reiterated its Buy rating on ConAgra Foods CAG and raised its price target from $30 to $31. Citigroup commented, "We are reiterating our Buy rating on ConAgra shares and see good potential for F2013 earnings growth, driven by solid new product innovation, increased consumer marketing spending, and a moderating input cost inflation environment. … We believe that there is the potential for further upside to management's new EPS guidance, although the likely increases in commodity prices expected in early CY2013 could represent a fly in the ointment." ConAgra Foods closed at $27.24 on Thursday.