Conagra Brands price target lowered to $17 from $20 at RBC Capital

RBC Capital lowered the firm’s price target on Conagra Brands (CAG) to $17 from $20 and keeps a Sector Perform rating on the shares. The company reported a fairly straightforward Q3 with modest upside to organic sales growth estimates despite soft underlying consumption trends and a challenging operating environment, driven by modest volume growth, share gains and robust performance in snacks and frozen categories, the analyst tells investors in a research note. RBC adds however that it would expect significant cost headwinds to materialize if geopolitical tensions do not ease in the near-term.