$CAG ConAgra Foods Stock “weekly” Chart
ConAgra Foods NYSE: CAG soared 15 percent on Thursday following a strong earnings report that beat Wall Street expectations.
Based on its market cycles, we believe the stock is going even higher in the near term.
The company reported earnings per share of $0.63 and total revenue of $2.82 billion, compared to analyst estimates of $0.57 and $2.80 billion. Looking forward, management expects earnings of $2.07-2.18 per share, compared to the $2.09 expectation.
CEO Sean Connolly explained that, “For the coming year, we expect positive impact from new product innovation, key grocery brands, implementation of our Pinnacle action plan, and synergy capture.”
Our approach to stock analysis uses market cycles to project price action.
CAG is clearly still in the rising phase of its current cycle, after having moved sideways for an extended period.
Our projection is to resistance around $39 over the coming months.
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