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Fly News Breaks for October 31, 2018
PF, CAG
Oct 31, 2018 | 08:53 EDT
Credit Suisse analyst Robert Moskow reinstated coverage of Conagra Brands (CAG) with a Neutral rating and $40 target price. The Conagra-Pinnacle (PF) merger makes sense, but Pinnacle's declining sales trends raise concern, he contends. While he believes both companies have executed well on this approach over the years, his concern is that Pinnacle's recent sales declines will force Conagra management to lower expectations as it integrates the business.
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