Conagra Brands initiated with a Neutral at BTIG

BTIG initiated coverage of Conagra Brands (CAG) with a Neutral rating and no price target In theory, the company should be well-positioned to capture increased share of stomach given its exposure to healthy frozen food and on-trend functional snacks, though the entirety of its U.S. portfolio causes the firm “some concern” as the tail of smaller brands with limited investment seems long, the analyst tells investors in a research note. Margin progression from current level also looks “complicated”, BTIG added.