Conagra Brands rises as UBS upgrades to 'buy'

Edesa Biotech

18/11/2022 17:07

** Shares of Duncan Hines cake mixes maker Conagra Brands
 CAG.N  up 2.2% at $35.74 
    ** Brokerage UBS upgrades CAG to "buy" from "neutral" and
raises PT to $41 from $35, citing strong momentum in Nielsen
scanner data YTD
    ** Adds CAG is "one of the few companies in our coverage
that is growing both volume share and household penetration
suggesting the health of its portfolio is improving"
    ** UBS also raises PT of Jif peanut butter maker J.M.
Smucker Co  SJM.N  by one dollar to $128 ahead of Q2 earnings 
    ** Brokerage sees "upside to quarter driven by SJM's
accelerating momentum in Nielsen measured channels for both Pet
and Coffee segments, coupled with the Jif cleanup improving
faster than we originally expected"
    ** Shares of SJM up ~1% at $145.96
    ** Six of 18 brokerages rate CAG's stock "buy" or higher, 11
rate "hold" and one "strong sell"; with median PT of $37 -
Refinitiv
    ** One of 17 brokerages rate SJM's stock "strong buy", 10
"hold" and six "sell" or lower; with median PT of $142.50, per
Refinitiv
    ** YTD, CAG's stock has risen ~5%, while SJM has risen 7.4% 
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))