Inflation Concerns Easing, but Challenges Remain

研报英文原文证据摘录

Inflation Concerns Easing, but Challenges Remain

USA | Food

Conagra Brands EquityJuneResearch29, 2026

COMPANY UPDATEInflation Concerns Easing, but Challenges

RATING HOLDRemain

PRICE $13.78^

We expect FQ4 R&F org growth to decelerate vs. FQ3 as inventory/timing

benefits don't repeat, though consumption improved on easier PY laps despite PRICE TARGET | % TO PT $13.00 | -6%

fading through the quarter. G&S volumes saw modest L8W improvement 52W HIGH-LOW $21.37 - $12.53

but remain pressured by pricing. Easing oil prices relieves some inflation FLOAT (%) | ADV MM (USD) 99.0% | 218.51

concerns, but elevated beef costs persist. With margin pressure ongoing and MARKET CAP $6.6B

reinvestment needs elevated, we still expect a dividend cut could be announced TICKER CAG ^Prior trading day's closing price unless otherwise

with FQ4 results. noted.

R&F sales decelerate sequentially as FQ3 benefits don't repeat. We expect R&F org growth of FY (May) CHANGE TO JEFe JEF vs CONS

~1.5% in FQ4, supported by lapping PY supply disruptions. While reported sales should step down 2026 2027 2026 2027

sequentially from FQ3, which benefited from inventory/timing dynamics, underlying consumption REV NM NM NM NM

improved, with U.S. tracked channel volumes higher vs. FQ3 on easier PY laps. That said, volume

EPS NA NA NM -1%

growth faded through the quarter and inflected negative in the L4W ending 6/13. Brand-level

trends remain mixed, with Healthy Choice and Birds Eye continuing to outperform, while Marie

2026 ($) Q1A Q2A Q3A Q4 FY

Callender's and Reddi Wip remain pressured. Mgmt continues to position Frozen as a core growth

EPS 0.39 0.45 0.39 0.46 1.70

platform, with CAG the only large frozen meal manufacturer consistently investing in price across

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the category in recent periods.