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Bank Of America Expects Muted F1Q Results From ConAgra Foods Inc

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In a report published Friday, Bank of America analyst Bryan D. Spillane reiterated an Underperform rating and $30.00 price target on ConAgra Foods Inc (NYSE: CAG).

In the report, Bank of America noted, “CAG is scheduled to report F1Q results on Thurs, September 18th before the market opens. Our forecast assumes a -5.5% decline in Consumer Foods sales (-5% volumes, -0.5% FX) and -23% decline in Private Brands profits. Key points: 1) Nielsen data showed sequential improvement for Consumer Foods throughout the quarter; this could indicate upside to our -5.5% organic sales growth forecast. 2) Private Brands are expected to have a tough 1H because it won't lap significant pricing concessions/gross margin declines until the second half. 3) Commercial Foods core business is more stable, although 1Q is expected to be weaker. Lamb Weston is still dealing with the bad potato crop from last year and Ardent Mills moves to discontinued ops in 1Q and loses a month of earnings as it transitions to new accounting periods.”

ConAgra Foods Inc closed on Thursday at $32.50.

Latest Ratings for CAG

DateFirmActionFromTo
Dec 2019MaintainsOutperform
Dec 2019MaintainsEqual-Weight
Dec 2019MaintainsOverweight

View More Analyst Ratings for CAG
View the Latest Analyst Ratings

Posted-In: Bank of America Bryan D. SpillaneAnalyst Color Reiteration Analyst Ratings

 

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