Conagra Brands Inc

CAG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$72.00	Jtyvs	Tnrbjlfm

Conagra Earnings: Macro Headwinds Weigh on Top-Line Growth, but Profitability Remains Strong

Kristoffer Inton

Oct 5, 2023

No-moat Conagra reported a slow start to fiscal 2024, with first-quarter organic net sales down 0.3% over the prior year. Still, the company had been guiding to a much slower top line for 2024, so the results were not entirely surprising. However, we are likely to reduce our fair value estimate of $45.50 per share, as demand recovery might take longer than we previously thought.

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