Conagra Brands Inc. (NYSE:CAG) on Wednesday reported mixed third-quarter results and issued a cautious outlook.

Conagra reported adjusted earnings of 39 cents per share, missing the analyst consensus estimate of 40 cents. Sales totaled $2.79 billion, down 1.9% from a year earlier, but ahead of expectations of $2.76 billion.

Conagra narrowed its fiscal 2026 adjusted earnings guidance to about $1.70 per share, slightly below the analyst estimate of $1.72. The company expects adjusted operating margin to land near the high end of its 11.0% to 11.5% range.

Sean Connolly, president and chief executive officer of Conagra Brands, said, “I am pleased with our third quarter performance as we returned the business to organic net sales growth, reflecting continued upward inflection in our Frozen and Snacks businesses while remaining on track in our cash businesses. In today’s evolving environment, our portfolio of iconic and insurgent brands is structurally advantaged as we deliver the on-trend attributes that consumers are seeking.”

Conagra Brands shares gained 1.3% to trade at $15.72 on Thursday.

These analysts made changes to their price targets on Conagra Brands following earnings announcement.

  • Evercore ISI Group analyst David Palmer maintained Conagra with an In-Line rating and lowered the price target from $19 to $18.
  • Wells Fargo analyst Chris Carey maintained the stock with an Underweight rating and lowered the price target from $15 to $14.
  • Stifel analyst Matthew Smith maintained Conagra with a Hold and lowered the price target from $19 to $17.
  • RBC Capital analyst Nik Modi maintained the stock with a Sector Perform and cut the price target from $20 to $17.
  • Morgan Stanley analyst Megan Alexander maintained Conagra Brands with an Equal-Weight rating and lowered the price target from $19 to $17.
  • Goldman Sachs analyst Leah Jordan maintained the stock with a Sell and lowered the price target from $17 to $15.
  • BNP Paribas analyst Max Gumport maintained Conagra Brands with an Outperform rating and lowered the price target from $22 to $19.

Considering buying CAG stock? Here’s what analysts think:

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