Stifel analyst Matthew E. Smith reiterated the Hold rating on ConAgra Brands, Inc. (NYSE: CAG), lowering the price target to $29 from $36.
ConAgra reported its 1Q earnings with a strong profit performance but weaker-than-expected sales growth, including an organic sales decline.
The company reported Q1 FY24 sales of $2.90 billion, flat Y/Y, missing the consensus of $2.95 billion.
Smith remains more cautious, given the consumer environment and industry-wide volume trends.
CAG expects A&P and trade spending, including promotional activity, to pick up.
The analyst writes that he will watch the impact on sales closely. ...