Why Are Conagra Brands Shares Trading Higher Today?

by Shivani Kumaresan, Benzinga Staff Writer

September 29, 2021 2:15 PM | 29 seconds read | Make a Comment

Credit Suisse analyst Robert Moskow upgraded Conagra Brands Inc CAG to Neutral from Underperform with an unchanged price target of $34.
A "worst case" is already being priced into the shares, Moskow notes.
The analyst views Conagra's risk/reward as neutral saying consensus estimates already assume an earnings miss in fiscal 2022 off of reduced guidance.
The stock's valuation has dropped below its five-year average, adds Moskow. He thinks the catalyst for downward earnings revisions has now passed.
Price Action: CAG shares are trading higher by 3.27% at $34.74 on the last check Wednesday.