Goldman Sachsanalyst Leah Jordan initiated coverage of the packaged food sector. The analyst writes that growth in the sector has slowed following the Covid demand surge and inflation, but some companies are undervalued near historic lows.

The analyst expects food-at-home spending to grow at a low-single-digit rate, supported by both volume and pricing due to strong consumer cash flow.

Jordan initiated coverage onConAgra Brands, Inc.(NYSE:CAG) with a Buy rating and price target of $36.

The analyst views CAG favorably due to its strong frozen and snack portfolio aligned with convenience trends, offering better...