** Shares of Slim Jim-maker Conagra Brands CAG.N down ~2% at $22

** BofA Global Research cuts rating on stock to "underperform" from "neutral", citing re-accelerated commodity costs of protein - chicken, beef, pork - to be meaningful headwinds to CAG's earnings growth

** Brokerage finds it unlikely for CAG to rely solely on additional pricing to offset these costs and will likely have tomanage through using productivity or other cost-savings initiatives, says BofA analyst Peter Galbo

** Adds, supply chain disruptions, which CAG faced during third quarter of 2025 in its frozen food and refrigerated business, would likely continue to be a headwind through 1Q26

** Two of 19 brokerages rate the stock "buy", 15 "hold" and two "sell"; their median PT is $25 - data compiled by LSEG

** Including session moves, stock down about 21% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))