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Citigroup Boosts Price Target, Estimates of ConAgra Foods (CAG)

Posted: 12/18/2012 9:02:00 AM
Referenced Stocks: CAG

On Tuesday analysts at Citigroup increased the price target and earning estimates of packaged food company ConAgra Foods, Inc. ( CAG ).

The analysts now see shares of CAG reaching $35, a +15% upside from Monday's closing price of $30.32. Citigroup rates ConAgra as a "Buy."

Citigroup also increased earning estimates as it sees volume trends improving.

ConAgra shares were flat in premarket trading on Monday. The stock is up +14.85% year-to-date.

The Bottom Line
Shares of ConAgra Foods ( CAG ) have a 3.30% dividend yield, based on last night's closing stock price of $30.32. The stock has technical support in the $27-$28 price area. If the shares can firm up, we see overhead resistance around the $30-$32 price levels.

ConAgra Foods, Inc. ( CAG ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .