Benzinga | Oct 8, 2021 10:04AM EDT

JPMorgan Downgrades Conagra Brands, Prefers To Be On Sidelines

* JPMorgan analyst Ken Goldman downgraded Conagra Brands Inc (NYSE:CAG) to Neutral from Overweight with a price target of $38 (suggesting a 10.6% upside), down from $41.

* Goldman sees "still plenty to like" about Conagra's story and says the stock's valuation remains "appealing."

* However, the analyst prefers to be on the sidelines until he can see greater upside to earnings.

* Also Read: Conagra Brands Q1 Earnings Top Estimates; Reaffirms FY22 EPS Outlook

* Price Action: CAG shares are trading lower by 0.44% at $34.08 on the last check Friday.