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General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says
US Markets

General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says

US food producers including General Mills (GIS) and J.M. Smucker (SJM) may see their fiscal 2027 earnings missing consensus estimates amid rising input costs, Morgan Stanley said in a note emailed Friday.The brokerage lowered 2027 earnings-per-share estimates for the two companies, as well as for Conagra Brands (CAG) and Campbell's (CPB)."Heading into off-cycle earnings over the next several weeks, the focus is squarely on (fiscal 2027) outlooks -- both in terms of formal guidance for (J.M. Smucker, General Mills, and Conagra), as well as any incremental commentary from (Campbell's) -- with negative revisions generally expected amid ongoing topline weakness and incremental margin pressure from higher input costs post the Iran conflict," according to the Morgan Stanley report.Wholesale costs rose at the fastest pace in four years in April as broad-based increases in services and goods signaled intensifying inflation pressures, data released last month showed.Morgan Stanley now projects 2027 EPS of $1.41 for Conagra, $2.02 for Campbell's, $2.97 for General Mills and $9.74 for J.M. Smucker. The consensus estimates are $1.63, $2.11, $3.20 and $9.92, respectively.Morgan Stanley lowered its price targets to $13 from $15 for Conagra, $21 from $23 for Campbell's and $32 from $37 for General Mills. It raised J.M Smucker's price target to $106 from $104."While there has been some recent sequential improvement in scanner trends as of late, visibility into durability remains low given a choppier macro backdrop," the report said. "At this point, (J.M Smucker) likely screens best, supported by solid recent trends, albeit with some uncertainty around coffee elasticities."The brokerage said market share trends remain weak for General Mills, which has "limited flexibility after leaning into price to stabilize volumes." Conagra is more exposed to the low-end consumer hit hard by inflation."We would put (Campbell's) somewhere in the middle -- near-term trends remain weak, but with new leadership in snacks, there is at least some potential for strategic changes to support improvement," Morgan Stanley said.Campbell's is scheduled to release its fiscal third-quarter results on Monday, while J.M. Smucker will post its fourth-quarter financials on Tuesday. General Mills reports on July 1, followed by Conagra on July 9.Price: $21.27, Change: $-0.29, Percent Change: -1.32%

$CAG$CPB$GIS$SJM
Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says
US Markets

Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says

US packaged food companies' upcoming quarterly results are likely to highlight a "tough" setup for the industry amid weaker demand and increasing costs, UBS Securities said in a note e-mailed Tuesday.The brokerage flagged downside potential to Wall Street's projections for the back half of the year and beyond given mounting cost pressures. The industry at the same time is facing structural changes "that could materially shift the growth trajectory for some time," UBS analysts Peter Grom and Sona Fernandes said in the note to clients.Campbell's (CPB), J.M. Smucker (SJM), General Mills (GIS), Conagra Brands (CAG), Simply Good Foods (SMPL), and McCormick (MKC) comprise the brokerage's packaged food coverage. The companies are expected to report results over the coming weeks."As has been the case for some time, we expect top-line trends to remain under pressure for most (of the names), and when layering in cost pressures that have ratcheted higher, we see downside risk to Street numbers looking out to the back half of the year and beyond," Grom and Fernandes said.Campbell's faces a "negative" setup ahead of its results amid "demand trends (that are) yet to show meaningful improvement and cost pressures that could drive out year estimates lower," the analysts wrote.UBS sees an "unfavorable setup" for General Mills ahead of its results. "We believe (fiscal 2027) guidance will fall short of expectations driven by top-line growth that remains underwhelming, cost pressures that will likely offset benefits from (corporate strategy) savings, and lapping unique items such as the 53rd week, incentive comp, and a divestiture," Grom and Fernandes said.For Conagra, the fundamental setup into its latest results continues to be "challenged, as top-line trends remain underwhelming," with cost pressures expected to lead to fiscal 2027 outlook falling short of the Street's views at the midpoint, according to the note.Simply Good Foods' "demand trends remain under pressure and cost pressures remain elevated making it difficult to step in," Grom and Fernandes said.UBS sees J.M. Smucker and, to some extent, McCormick as "partial exceptions" in its downbeat industry outlook.J.M. Smucker "remains one of the few companies across our packaged food coverage where we see a path to organic sales growth and strong bottom-line delivery" looking out over the next 12 to 18 months, the analysts said. McCormick's fundamentals "remain better than most, but the company is also not immune to moderating category trends and cost pressures," according to Grom and Fernandes."In many ways, we think growth algorithms for the group could be permanently impaired, and when comparing valuation to other industries that have structural top-line concerns, we think there in fact could be room for further multiple compression," the analysts wrote.Price: $21.12, Change: $+0.04, Percent Change: +0.19%

$CAG$CPB$GIS$MKC$SJM$SMPL
Wire

UBS Adjusts Price Target on Conagra Brands to $13 From $16, Maintains Neutral Rating

Conagra Brands (CAG) has an average rating of hold and mean price target of $15, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $12.98, Change: $-0.13, Percent Change: -0.95%

$CAG
Insider Trading

Conagra Brands Insider Bought Shares Worth $358,500, According to a Recent SEC Filing

Richard H Lenny, Director, on April 14, 2026, executed a purchase for 25,000 shares in Conagra Brands (CAG) for $358,500. Following the Form 4 filing with the SEC, Lenny has control over a total of 229,340 common shares of the company, with 229,340 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/23217/000113949726000002/xslF345X05/form4-04152026_090402.xml

$CAG
Insider Trading

Conagra Brands Insider Bought Shares Worth $250,402, According to a Recent SEC Filing

John J Mulligan, Director, on April 14, 2026, executed a purchase for 17,500 shares in Conagra Brands (CAG) for $250,402. Following the Form 4 filing with the SEC, Mulligan has control over a total of 20,728 common shares of the company, with 20,728 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/23217/000154581926000009/xslF345X05/form4-04152026_090422.xml

$CAG
Research

BTIG Initiates Conagra Brands at Neutral

Conagra Brands (CAG) has an average rating of hold and mean price target of $15.93, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$CAG
Japan

US Equity Markets Rise Amid Expectations for US-Iran Peace Deal

US equity indexes closed higher on Monday amid expectations that the US will manage to finalize a peace deal with Iran.* President Trump signaled his administration was contacted by Iran "to work out a deal," though he also threatened to destroy ships impeding a US blockade in the Strait of Hormuz.* The pace of US existing home sales fell 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease to a 4.05 million rate expected in a survey compiled by Bloomberg.* May West Texas Intermediate crude oil rose $1.45 to settle at $98.02 per barrel, while June Brent crude, the global benchmark, was last seen up $3.23 at $98.43.* Oracle (ORCL) shares rose 12%, the top gainer on the S&P 500, after the company introduced AI-focused updates to its utilities software suite, targeting improvements in billing, grid operations, and asset management.* Conagra Brands (CAG) shares fell 4.4%, the second-biggest decline on the S&P. The company appointed John Brase as CEO to succeed Sean Connolly, effective June 1. Brase previously served as chief operating officer at J.M. Smucker (SJM).

Dow JonesNasdaq CompositeS&P 500$CAG$ORCL$SJM
Wire

Top Midday Stories: Goldman Shares Fall Despite Q1 Earnings Topping Estimates; Revolution's Pancreatic Cancer Drug Met Key Study Goals

The Dow Jones Industrial Average was down while the S&P 500 and Nasdaq Composite were up in late-morning trading Monday, as Wall Street digests news from the weekend that the US and Iran failed to strike a deal, and President Donald Trump announced a blockade of the Strait of Hormuz.In company news, Goldman Sachs (GS) reported Q1 earnings Monday of $17.55 per diluted share, up from $14.12 a year earlier and above the FactSet consensus analyst estimate of $16.47. First-quarter net revenue was $17.23 billion, up from $15.06 billion a year ago and above the FactSet consensus of $16.99 billion. The company also said it's launching a three-tranche, investment-grade bond offering in the US, with bond maturities spanning four to eight years, Bloomberg reported, citing a person with direct knowledge of the matter. Goldman shares were down 3.6% around midday.Revolution Medicines (RVMD) said Monday the phase 3 trial of its experimental drug, daraxonrasib, intended to treat a type of pancreatic cancer, met key goals. The drug delivered a median overall survival of 13.2 months, compared with 6.7 months for chemotherapy, the company said. Revolution said it plans to submit the data to global regulators, including the US Food and Drug Administration, for marketing application. Revolution shares were up 36.4%.GFL Environmental (GFL) has entered into a definitive agreement to acquire all of the issued and outstanding shares of Secure Waste Infrastructure for 24.75 Canadian dollars per share, representing an enterprise value of about CA$6.4 billion ($4.62 billion), the companies said Monday. The deal is expected to close in H2, they said. GFL shares were down 7.8%.Fastenal (FAST) reported Q1 earnings Monday of $0.30 per diluted share, up from $0.26 a year earlier and in-line with the FactSet consensus. First-quarter net sales were $2.20 billion, up from $1.96 billion a year ago and in-line with expectations. Fastenal shares were down 6.7%.Conagra Brands (CAG) said Monday it has appointed John Brase as chief executive officer and president, effective June 1. Brase, who previously served as chief operating officer and president at J.M. Smucker (SJM), will succeed Sean Connolly, who will step away from his leadership positions and board seat on May 31, the company said. Conagra shares were down 5.6%, while J.M. Smucker shares were down 2.7%.Microsoft (MSFT) is developing new features for Copilot it hopes will make the AI assistant function more like OpenClaw, The Information reported Monday, citing a company statement. Microsoft shares were up 2.3%.Price: $874.99, Change: $-32.81, Percent Change: -3.61%

$CAG$FAST$GFL$GS$MSFT$RVMD$SJM