Conagra Brands (NYSE: CAG) generated Q1 FY23 results with revenues of $2.9 billion, up 9.5% year-over-year beating Street estimates of $2.84 billion.
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The packaged goods company with a portfolio of brands including Birds Eye and Marie Callender’s reported adjusted earnings of $0.57 per share, coming in ahead of analysts’ estimates of $0.52 per share.
Sean Connolly, President, and CEO of Conagra Brands commented, “The strength of our brands and continued execution of the Conagra Way playbook resulted in strong sales and adjusted operating profit during the first quarter. Our strong start to fiscal 2023 reaffirms our confidence in our outlook for the balance of the fiscal year as we remain focused on generating value for our shareholders.”
Is Conagra Stock a Buy?
Wall Street analysts do not perceive the stock as a Buy and are sidelined about CAG with a consensus Hold rating. This rating is based on two Buys and seven Holds.
The average price forecast for CAG stock is $35.78, implying an upside potential of 5.8% at current levels.
