Time for a Reset... What we‘re watching for in FY4Q26 results

研报英文原文证据摘录

Time for a Reset... What we‘re watching for in FY4Q26 results

Deutsche Bank

Research

Rating Company Date

Hold Conagra Brands 17 June 2026

North America Reuters Bloomberg Rating Hold

United States CAG.N CAG US Price target (USD) 12.00 Price at 16 Jun 26 13.56

52-week range 21.61 – 12.58

Consumer

Consumer Staples Valuation & Risks

Time for a Reset... What we're watching for in

FY4Q26 results SteveResearchPowersAnalyst

+1-212-250-5480

CAG reports FY4Q26 earnings results on Wednesday, July 15th pre-market

Christopher Barnes, CFA Approaching CAG’s upcoming results, we reduce our FY27 forecasts to reflect Research Analyst

ongoing cost headwinds (e.g., animal proteins, fuel/logistics, etc.), lackluster +1-212-454-0778

consumption trends in scanned channels, and a view that CAG will utilize its

recent CEO-transition as an opportunity to rebase earnings, remove the current Angeline Goh

Research Associate overhang around capital allocation (i.e., by resetting its dividend payout lower),

+1-212-250-4515

and make more aggressive reinvestments to grow the top-line (likely aimed at

larger, more impactful innovation initiatives) and to improve execution Nikhil Jain, CFA

capabilities. To this end, we expect more details to be shared around Project Research Associate

Catalyst initiatives to drive productivity and automation throughout the value +1-212-250-3253

chain, which will in turn likely help reduce the absolute level of net reinvestment

required. Altogether, we believe these reset dynamics are broadly consistent with

buyside expectations, considering -14 pts underperformance vs. food peers since Key changes

early April and a current dividend yield of >10%—with near-term investor Price target (USD) 14 12 -14%