Packaged foods giant ConAgra Foods, Inc. ( CAG ) on Thursday saw its rating and price target boosted by analysts at Barclays Capital.
The firm said it upgraded CAG from "Equalweight" to "Overweight" while raising its price target from $25 to $30. That new target suggests a 25% upside to the stock's Wednesday closing price of $24.03.
Last month, CAG announced it would make a hostile bid for cereal maker Ralcorp ( RAH ), after the company rejected CAG's cash-and-stock offer.
ConAgra Foods shares rose 26 cents, or +1.1%, in premarket trading Thursday.
The Bottom Line
Shares of ConAgra Foods ( CAG ) have a 3.83% dividend yield, based on last night's closing stock price of $24.03. The stock has technical support in the $22-$23 price area. If the shares can firm up, we see overhead resistance around the $26 price level.
ConAgra Foods, Inc. ( CAG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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