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CAG

Conagra Brands

$29.47

0.91 (3.19%)

14:50
12/19/18
12/19
14:50
12/19/18
14:50

Conagra calls bought as shares rally ahead of earnings

Conagra calls bought as shares rally ahead of earnings. The stock up 3.2% to $29.47 and paper bought 2.5K Jan 31 calls Wednesday morning for 55c. 3.5K trade total against 1.1K open interest. 1.3K Jan 29 calls and 1.2K Jan 29 puts also changed hands. Total volume is 4X daily average at 6.1K calls and 2.4K puts. Three-quarters of the volume is in the January term. Meanwhile, the December straddle, which expires the day after tomorrow's (before market) earnings report, equals 5% above spot and double the historical move of 2.6%. However, shares saw their biggest earnings move in years last quarter when the stock dropped 8.5% on 9/27.

  • 20

    Dec

CAG Conagra Brands
$29.47

0.91 (3.19%)

11/26/18
FBCO
11/26/18
NO CHANGE
Target $35
FBCO
Neutral
Conagra Brands price target lowered to $35 from $40 at Credit Suisse
Credit Suisse analyst Robert Moskow lowered his price target for Conagra Brands to $35 from $40 and is below consensus for FY20 to reflect his view that the acquired Pinnacle Foods business' EBIT contribution will fall below expectations. The analyst reiterates a Neutral rating on the shares.
11/14/18
JPMS
11/14/18
NO CHANGE
JPMS
Conagra increasingly attractive for value investors, says JPMorgan
With shares weak on a competitor downgrade, JPMorgan analyst Ken Goldman is out with a research note calling Conagra Brands an increasingly attractive investment for value investors with a longer term time horizon. The analyst says that while Conagra's sales growth may not be as strong as he expected over the next year based on the latest Nielsen data, he still considers the company one of his favorite ideas for longer-term holders.
11/14/18
11/14/18
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. Apple (AAPL) downgraded to Neutral from Buy at Guggenheim with analyst Robert Cihra saying the average selling price of the iPhone has increased a "dramatic" $220, or 40%, over the past 10 years, reflecting its "growing value to both consumer and business markets." 2. Kellogg (K) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying that while nothing at the company's investor day "necessarily disappointed" him, he also did not gain "much comfort that the bottom-line turnaround would be swift." 3. Apollo Global (APO) and Carlyle Group (CG) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Conagra Brands (CAG) downgraded to Underperform from Market Perform at Bernstein with analyst Alexia Howard saying 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. 5. Tenneco (TEN) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Armintas Sinkevicius citing its elevated leverage and limited free cash flow conversion in what he views as an increasingly uncertain environment for auto suppliers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
11/14/18
DOWNGRADE

Underperform
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.

TODAY'S FREE FLY STORIES

STT

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  • 24

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OSK

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OVLY

Oak Valley Bancorp

$16.40

-0.16 (-0.97%)

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FTNW

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TNXP

Tonix Pharmaceuticals

$0.45

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RLMD

Relmada Therapeutics

$20.18

1.07 (5.60%)

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NWSA

News Corp.

$13.48

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$13.79

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New York Times

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WAIR

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FOMX

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BK

BNY Mellon

$45.34

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FOMX

Foamix

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  • 18

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BAC

Bank of America

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MFGP

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  • 31

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BA

Boeing

$344.01

-25.12 (-6.81%)

, ORCL

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