UPDATE: J.P. Morgan Reiterates on ConAgra Foods Following Meetings with CEO and CFO

In a report published Wednesday, J.P. Morgan analyst Ken Goldman reiterated a Neutral rating on ConAgra Foods (NYSE: CAG), and raised the price target from $31.00 to $33.00.

In the report, J.P. Morgan noted, “We recently hosted a series of meetings with CAG management, including CEO Gary Rodkin and CFO John Gehring. In our view, the company is taking the proper steps to turn the business around. However, we do not think fundamentals have improved much in recent months, and we are starting to appreciate the severity of the problems with Ralcorp. If Ralcorp can be turned around – and we think eventually it will be – CAG should offer investors a solid opportunity down the road. Thus, for patient investors, the stock may be a smart choice. We think in the near term, however, the shares may trade more-or-less in line with the group.”

ConAgra Foods closed on Tuesday at $32.56.