Chicago, Illinois-based Conagra Brands, Inc. (CAG) is a consumer-packaged goods food company. With a market cap of around $11 billion, the company operates through four segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. 

Shares of Conagra Brands have lagged behind the broader market over the past 52 weeks. CAG has dropped 25.1% over this period, while the broader S&P 500 Index ($SPX) has gained 8.6%. Moreover, shares of CAG are down 17.1% on a YTD basis, compared to SPX’s 4.3% decline.

Zooming in further, Conagra Brands has also underperformed the Consumer Staples Select Sector SPDR Fund’s (XLP) 6.2% rise over the past 52 weeks and 3.7% return on a YTD basis.

Conagra Brands' stock rose 1.5% following the release of its Q3 2025 results on Apr. 3. The company reported a 6.3% year-over-year decline in net sales to $2.8 billion, driven by decreases across all segments. CAG posted adjusted EPS of $0.51, marking a 26.1% decrease from the prior-year quarter. Additionally, for fiscal 2025, the company expects organic net sales to decline approximately 2% compared to fiscal 2024, with adjusted EPS projected at around $2.35. 

For the fiscal year, which ended in May 2025, analysts expect CAG's adjusted EPS to decline 12.4% year-over-year to $2.34. However, the company's earnings surprise history is mixed. It beat the consensus estimates in two of the last four quarters while missing on two other occasions. 

Among the 16 analysts covering the stock, the consensus rating is a “Hold.” That’s based on two “Strong Buy” ratings and 14 “Holds.”

This configuration is slightly less bullish than three months ago, with three “Strong Buy” ratings on the stock.

On May 8, Citi analyst Thomas Palmer lowered CAG's price target to $25 while maintaining a “Neutral” rating.

As of writing, Conagra Brands is trading below the mean price target of $27.25. The Street-high target of $31 suggests a staggering 34.8% upside potential.