Goldman Sachs Upgrades ConAgra To Buy

According to Goldman Sachs, ConAgra (NYSE: CAG) shares are upgraded to Buy.

Goldman Sachs said that CAG has modest leverage and strong FCF and we believe its recent Ralcorp offer shows a new willingness to aggressively utilize its available capital. “We are raising our 12-month P/E derived price target to $31, from $28, as we increase our target P/E to 15x, from 13.5x.”

ConAgra closed on Friday at $25.20.