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Goldman downgrades ConAgra to Neutral on higher than expected turnaround cost

Shares of the packaged food maker ConAgra Foods Inc (NYSE:CAG) was downgraded from buy to neutral by Goldman. According to Goldman, ConAgra’s turnaround strategy is more “protracted and expensive than expected”. Moreover, Goldman is concerned that ConAgra’s private brand losses are here to stay in terms of volume. The price target was lowered to $31 a share from the previous target of $33.