ConAgra Brands Inc CAG reported better-than-expected Q2 results and issued strong FY23 adjusted EPS guidance.
ConAgra Brands reported second-quarter FY23 sales growth of 8.3% year-on-year to $3.31 billion, beating the consensus of $3.28 billion. Adjusted EPS of $0.81 beat the consensus of $0.66.
ConAgra expects FY23 adjusted EPS of $2.60 - $2.70 (consensus $2.47), representing growth of 10% - 14% (prior view 1% - 5% growth).
Conagra Brands shares gained 3.4% to close at $39.97 on Thursday and added 1.3% on Friday.
These analysts made changes to their price targets on Conagra Brands following the release of results.
- RBC Capital boosted the price target on Conagra Brands from $35 to $38. RBC Capital analyst Nik Modi maintained a Sector Perform rating on the stock.
- Credit Suisse raised the price target from $35 to $40. Credit Suisse analyst Robert Moskow maintained the stock with a Neutral rating.
- UBS increased the price target on the stock from $41 to $45. UBS analyst Cody Ross maintained the stock with a Buy.
- Morgan Stanley raised the price target from $45 to $48. Morgan Stanley analyst Pamela Kaufman maintained Conagra Brands with an Overweight.
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