Why Conagra Stock Got Mashed in March
A recommendation downgrade from an analyst at a prominent bank helped send Conagra (NYSE: CAG) stock down by more than 18% last month. Although this was part of a "package" downgrade of notable food industry stocks, it was small comfort to shareholders.
The downgrading party was one of the "big four" U.S. lenders, Wells Fargo. The bank's analyst Chris Carey downshifted his rating on Conagra, in addition to two other peer stocks, Campbell Soup and General Mills. He now feels all three rate an underweight (read: sell), where previously he flagged each as an equal weight (hold).
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Source Fool.com
