Jun. 3 at 2:42 PM
$GIS $KHC $CAG $SMPL $CPB Bernstein comes out this morning with the towel throwing 52-week low downgrades on every packaged food stock they cover: General Mills, Kraft-Heinz, Simply Good Foods, Conagra and Campbell's. Reasons cited are the same as every other downgrade for the past few months (GLP-1 drugs and inflation). Their
$12 PT for CAG would take its market cap below that of CPB (they gave that a
$21 PT) which has the highest short interest (23%+ of float) and looks like it's squeezing a bit today. Probably getting close to a bottom when multiple analyst downgrades stop negatively effecting share prices.