As previously reported, BNP Paribas downgraded Conagra Brands (CAG) to Neutral from Outperform with a price target of $16, down from $19. U.S. packaged food valuations “look cheap relative to history,” but the firm believes they are “cheap for a reason” and it lowered targets for several companies in the group to account for volume growth that “looks to be muted at best” and pricing power that “could be somewhat illusory.”
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