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CAG

Conagra Brands

$35.19

-0.06 (-0.17%)

, PF

Acquired by CAG

$0.00

(0.00%)

08:15
11/14/18
11/14
08:15
11/14/18
08:15

Conagra Brands downgraded to Underperform at Bernstein

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.

CAG

Conagra Brands

$35.19

-0.06 (-0.17%)

PF

Acquired by CAG

$0.00

(0.00%)

CAG Conagra Brands
$35.19

-0.06 (-0.17%)

11/14/18
BERN
11/14/18
DOWNGRADE
BERN
Underperform
Conagra Brands downgraded to Underperform from Market Perform at Bernstein
10/31/18
FBCO
10/31/18
INITIATION
Target $40
FBCO
Neutral
Conagra Brands reinstated with a Neutral at Credit Suisse
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.
10/23/18
GSCO
10/23/18
INITIATION
Target $42
GSCO
Buy
Conagra Brands resumed with a Buy at Goldman Sachs
Goldman Sachs resumed Conagra Brands with a Buy rating and a price target of $42.
10/16/18
10/16/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. NEEDHAM SAYS BUY TAPESTRY: Needham analyst Rick Patel upgraded Tapestry to Buy from Hold and kept his $50 price target. The analyst notes that after a 14% selloff in the stock price driven by tariff-related concerns and the slowdown of Asia sales at LVMH, the risk-reward is favorable. Patel estimates that the hit to EPS from the impact of the handbag tariff should be "relatively modest" at about 1%. The analyst further notes that Tapestry has "ample white space" for long term growth in China through new distribution, while its North America sales indicate "well-controlled promotions" for Coach and Kate Spade. ANALYSTS SAY BUY FACEBOOK IN NEW INITIATIONS: Loop Capital analyst Alan Gould initiated Facebook with a Buy rating and a price target of $210, saying the stock is valued "quite attractively" after a "strong year financially and a challenging year operationally". The analyst also notes that the company's guidance is likely "conservative" given the company's propensity to beat consensus estimates. Meanwhile, Rosenblatt analyst Mark Zgutowicz started Facebook with a Buy rating in a note partially entitled "Facebook: Value, Not Trap." Given the stock's current valuation, there appears to be little confidence consensus expectations will be met and he is "in that camp," forecasting calendar 2019 EPS that is about 8% below consensus, Zgutowicz tells investors. However, with that said, he sees the anticipated EPS shortfall as priced in the shares and would be a buyer of the stock in front of the Q3 report, stating that he sees a bottoming for News Feed fatigue and enough light ahead with new product innovation and Instagram and Watch optionality. Zgutowicz set a $213 price target on Facebook shares. TILRAY TARGET SET AT $200 AS CANADA GETS READY TO LEGALIZE: Benchmark analyst Mike Hickey initiated coverage of Tilray with a Buy rating and $200 price target, citing its early leadership in the medical cannabis market in Canada and the upcoming legalization of recreational cannabis, which begins in the North American nation tomorrow. He believes the company's strategic alliance with Novartis (NVS) and supply agreements with Canadian pharmacies that give Tilray a competitive edge in the Canadian medical cannabis market, Hickey tells investors. He also believes the potential international opportunity is "enormous," estimating that the global cannabis market opportunity could exceed $200B over the long-term. JEFFERIES SEES NO COMPETING BIDS FOR PINNACLE: Jefferies analyst Akshay Jagdale downgraded Pinnacle Foods (PF) to Hold from Buy and lowered his price target for the shares to $68 from $72. The analyst assumes Conagra Brands' (CAG) bid to buy the company for $68 will go through without any competing bids. The stock should trade in line with its $68 transaction price until completion of the deal, Jagdale tells investors. GOLDMAN PREDICTS AVIS, HERTZ OUTLOOKS WILL DISAPPOINT: Goldman Sachs analyst David Tamberrino nudged the price target on Avis Budget (CAR) lower to $30 from $31 while keeping the price target on Hertz at $13 as part of his broader research note previewing Q3 results for the two Sell-rated U.S. car rental names. The analyst notes that Hertz (HTZ) may top Q3 consensus earnings and Avis Budget could miss based on his analysis of their respective pricing trends and residual values, but both have an added risk from reduced airport volume growth amid tightening competition among the ride hailing operators like Uber and Lyft. Tamberrino expects the car rental industry to remain challenged overall, noting that positive pricing will not be sustained, residual values will be pressured as more cars come off lease, and rising interest rates exert pressure on their balance sheets' high debt levels.
PF Acquired by CAG
$0.00

(0.00%)

10/16/18
10/16/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pinnacle Foods (PF) downgraded to Hold from Buy at Jefferies with analyst Akshay Jagdale saying he assumes Conagra Brands' (CAG) bid to buy the company for $68 will go through without any competing bids. 2. Amneal Pharmaceuticals (AMRX) downgraded to Hold from Buy at SunTrust with analyst John Boris saying while the company has indicated that it has the highest number of approvals on tap for FY19, its Q4 is faced with pressure from the earlier than anticipated timing from top drug competition. 3. Southern Copper (SCCO) downgraded to Hold from Buy at Santander. 4. Smith & Nephew (SNN) downgraded to Hold from Buy at HSBC. 5. Spero Therapeutics (SPRO) downgraded to Underperform from Neutral at BofA/Merrill with analyst Jason Gerberry saying after reviewing Spero's pipeline he has a more conservative view for lead asset, SPR994 for the treatment of complicated urinary tract infections. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/16/18
JEFF
10/16/18
DOWNGRADE
Target $68
JEFF
Hold
Jefferies sees no competing bids for Pinnacle Foods, downgrades to Hold
Jefferies analyst Akshay Jagdale downgraded Pinnacle Foods (PF) to Hold from Buy and lowered his price target for the shares to $68 from $72. The analyst assumes Conagra Brands' (CAG) bid to buy the company for $68 will go through without any competing bids. The stock should trade in line with its $68 transaction price until completion of the deal, Jagdale tells investors in a research note.

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