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ConAgra Foods (NYSE:CAG) was downgraded by research analysts at Bank of America from a “buy” rating to an “underperform” rating in a report released on Thursday. They currently have a $30.00 price target on the stock. Bank of America’s price objective would suggest a potential downside of 1.54% from the company’s current price.

The analysts wrote, “We are downgrading ConAgra Foods (CAG) from Buy to Underperform. While we continue to believe that there is potential for the company to create an advantaged Private Brands business model by delivering higher quality products at a lower cost, it is clear given yesterday’s announcement that it will take longer for the company to realize its full potential. Valuation is attractive but with muted earnings growth, relatively high debt levels and no dividend growth in the near term we expect the stock to underperform its peers over the next 12 months.”

In other ConAgra Foods news, CEO Gary M. Rodkin sold 50,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $32.44, for a total value of $1,622,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

A number of other analysts have also recently weighed in on CAG. Analysts at KeyCorp downgraded shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Wednesday. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of ConAgra Foods in a research note on Monday, June 2nd. They now have a $32.00 price target on the stock, up previously from $31.00. Finally, analysts at Ned Davis Research upgraded shares of ConAgra Foods from a “neutral” rating to a “buy” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. ConAgra Foods has a consensus rating of “Hold” and a consensus target price of $33.08.

ConAgra Foods (NYSE:CAG) opened at 30.47 on Thursday. ConAgra Foods has a 52-week low of $28.09 and a 52-week high of $37.28. The stock has a 50-day moving average of $31.54 and a 200-day moving average of $31.35. The company has a market cap of $12.833 billion and a price-to-earnings ratio of 17.12.

ConAgra Foods, Inc is a packaged food company. The Company operates in four segments: Consumer Foods, Commercial Foods, Ralcorp Food Group, and Ralcorp Frozen Bakery Products.

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