Is Conagra Brands a bargain ahead of its fiscal-second quarter results?

On Monday, Conagra Brands Inc. (NYSE:CAG) shares edged slightly lower ahead of its upcoming quarterly results. The company is expected to announce its most recent quarterly revenue and earnings on Thursday.

Analysts expect Conagra’s FQ2, 2022 EPS to decline by more than 16% from the same quarter last year to $0.68, while revenue is expected to rise marginally by 2.1% to about $3.06 billion.


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The packaged foods producer’s stock advanced by more than 12% last month, trimming the 12-month decline to about 5.5%. 

Conagra Brands stock look undervalued

From an investment perspective, Conagra Brands shares trade at compelling trailing 12-month and forward P/E ratios of 13.75 and 12.88, respectively, making the stock an attractive option for bargain hunters.

In addition, analysts expect its bottom line to improve by nearly 55% this year, before rising by a further 7.21% next year.

Therefore, long-term growth investors may also find it as an exciting option for their portfolios.

Source – TradingView

Technically, Conagra Brands seems to be trading within an ascending channel formation in the intraday chart. As a result, the stock has surged closer to the overbought conditions of the 14-day RSI.

However, with shares recently pulling back to find the trendline support, investors could target potential rebounds at about $34.92, or higher at $35.80. On the other hand, $33.10 and $32.25 are crucial support zones.

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Source: https://invezz.com/news/2022/01/04/is-conagra-brands-a-bargain-ahead-of-its-fiscal-second-quarter-results/