Jefferies analyst Akshay Jagdale reiterated a Buy rating on ConAgra Foods (NYSE: CAG) today and set a price target of $44. The company’s shares closed yesterday at $33.54, close to its 52-week low of $32.82.
Jagdale noted:
“We have a favorable view of the PF acquisition & believe that LT accretion from the deal will likely exceed mgmt’s guidance. Although 1Q results and 2Q guidance points to a deceleration in sales and GP growth, we view this as transitory. Moreover, reaffirmed FY19 guidance implies improving organic growth trends relative to 2H19 which is supportive of our BSM thesis. We are reiterating our Buy rating & $44 PT.”
According to TipRanks.com, Jagdale is a 3-star analyst with an average return of 3.3% and a 51.3% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and J & J Snack Foods.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for ConAgra Foods with a $43 average price target, which is a 28.2% upside from current levels. In a report issued on September 28, Citigroup also maintained a Buy rating on the stock with a $40 price target.
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ConAgra Foods’ market cap is currently $13.11B and has a P/E ratio of 16.20. The company has a Price to Book ratio of 3.57.
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock. Most recently, in July 2018, Ruth Ann Marshall, a Director at CAG sold 3,023 shares for a total of $109,826.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Conagra Brands, Inc. engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks; Refrigerated and Frozen; International; Foodservice; and Commercial Foods. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.
