Conagra Brands, Inc. (NYSE: CAG) has struggled to keep investor confidence. The stock trades near $19/share, down sharply from last year’s highs above $30. Demand softness, cost pressures, and weak earnings growth have weighed on sentiment, pushing shares to multi-year lows.
Recently, Conagra reported quarterly results that were slightly ahead of expectations, with strong performance in its frozen and snacks segments offsetting weaker volumes in grocery and staples. The company also introduced new product innovations across brands like Slim Jim and Healthy Choice, while reaffirming its focus on debt reduction and cost efficiency. These moves show management is actively working to stabilize earnings despite a challenging consumer backdrop.
This article explores where Wall Street analysts think Conagra could trade by 2028. We have pulled together consensus targets and valuation models to outline the stock’s potential path. These figures reflect current analyst expectations and are not TIKR’s own predictions.
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Analyst Price Targets Suggest Limited Upside
Conagra trades at about $19/share today. The average analyst price target is $21/share, suggesting roughly 8% upside. Forecasts remain tight, showing limited conviction across Wall Street:
- High estimate: ~$26/share
- Low estimate: ~$18/share
- Median target: ~$21/share
- Ratings: 3 Buys, 3 Outperforms, 13 Holds, 1 Underperform, 1 Sell
Overall, the outlook points to limited upside, with analysts remaining cautiously optimistic. Conagra could still outperform if margins rebound faster than expected or pricing gains hold, but expectations remain conservative for now.
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Conagra: Growth Outlook and Valuation
The company’s fundamentals highlight both value and limited growth potential:
- Revenue is projected to stay roughly flat through 2028
- Operating margin expected around 12%
- Shares trade near 10.5x forward earnings, below their long-term average
- Based on analysts’ average estimates, TIKR’s Guided Valuation Model using a 10.5x forward P/E suggests ~$25/share by 2028
- That implies about 29% total upside, or roughly 10% annualized returns
For investors, this signals a value opportunity with moderate upside. The current valuation already reflects slow growth, so even a slight rebound in volumes or sustained cost savings could unlock higher returns. Conagra’s stability and income profile make it appealing for defensive investors, but long-term appreciation depends on reigniting growth in key categories like snacks and frozen foods.
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What’s Driving the Optimism?
Conagra’s portfolio remains one of the most diversified in packaged foods. Brands like Healthy Choice, Slim Jim, and Birds Eye continue to deliver consistent shelf presence, giving the company pricing power and stability.
Easing cost inflation is also helping margins, while management’s renewed focus on productivity and debt reduction has started to show results.
For investors, these steps point to a slow but steady recovery path. Conagra doesn’t need rapid sales growth to perform well; it just needs to maintain pricing discipline and operational efficiency. That stability makes it attractive for income-focused portfolios looking for reliability over speed.
Bear Case: Growth Pressure and Competition
Even with these positives, Conagra’s growth outlook remains limited. Sales have been sluggish, and volume declines across categories like frozen meals and snacks continue to weigh on performance.
At the same time, competition from private-label and discount brands has intensified as consumers look for cheaper alternatives.
For investors, the risk is that Conagra stays trapped in low-growth mode. Without a clear catalyst to reaccelerate demand, earnings may simply move sideways. That could keep the stock range-bound despite its appealing yield.
Outlook for 2028: What Could Conagra Be Worth
Based on analysts’ average estimates, TIKR’s Guided Valuation Model suggests Conagra could trade near $25/share by 2028.
That represents about 29% total upside, or roughly 10% annualized returns from today’s price.
While that would mark a modest recovery, it already assumes stable margins and consistent cash flow. For investors, stronger upside would require better execution such as meaningful debt reduction, sustained pricing strength, or renewed demand in key categories.
Conagra looks like a dependable income play rather than a growth story. The stock’s combination of a high dividend yield, low valuation, and steady fundamentals may not deliver spectacular gains, but it offers comfort in a volatile market.
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