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Fly News Breaks for February 17, 2020
CAG
Feb 17, 2020 | 14:32 EDT
Conagra this morning "disappointingly" reduced its fiscal 2020 guidance due to a weaker Q3 performance, Stifel analyst Christopher Growe tells investors in a research note. The company lowered its organic sales guidance by 1% and its earnings guidance by roughly 10c, which seems to incorporate some softness continuing into Q4 as well, says the analyst. He expects the stock price will likely be weak on Tuesday but keeps a Buy rating on the shares with a $36 price target. Growe believes Conagra's long-term thesis remains intact.
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