ConAgra (CAG) shares experienced a significant drop of 6.41% in a 24-hour period, as investors brace for the company's third-quarter earnings report set to be released before the market opens on Thursday. The sharp decline reflects growing concerns about the company's financial performance and outlook.
Analysts are projecting a downturn in ConAgra's quarterly results, with expectations of earnings at 53 cents per share, down from 69 cents per share in the same period last year. Revenue is forecasted to decrease to $2.9 billion, compared to $3.03 billion in the previous year. This anticipated decline in both earnings and revenue has likely contributed to the stock's recent plunge.
Adding to the negative sentiment, several Wall Street analysts have recently adjusted their ratings and price targets for ConAgra. Morgan Stanley initiated coverage with an Equal-Weight rating and a $27 price target, while JP Morgan and Stifel both maintained neutral stances but lowered their price targets to $26. These analyst actions, combined with the looming earnings report, appear to have sparked a sell-off as investors reassess their positions in the food manufacturing giant.
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