As previously reported, Bernstein analyst Alexia Howard downgraded Conagra Brands (CAG) to Underperform from Market Perform as the company has completed the acquisition of Pinnacle Foods (PF) and expects to lever up to 5 times, while the growth momentum in frozen entrees has started to slow down. The frozen category has experienced positive growth over the past year, largely led by new product innovation from Conagra and Pinnacle Foods, but this now seems to be running out of steam, she contends. Although consumer takeaway remains positive and is still strong on a 2-year basis, Howard believes comparables become tougher from here, and distribution gains seem to be slowing fairly sharply.