The firm maintained a "hold" rating on shares of the packaged food company.
"ConAgra is moving ahead with a more focused, logical strategy but we have doubts around long-term strength of the company's brands," Deutsche Bank wrote in an analyst note.
"Many questions remain as to future capital structure and we look forward to further details around the Lamb Weston spin at the October Analyst Days. We believe current valuation appropriately reflects short and long-term challenges vs. opportunity," the firm added.
Last year, ConAgra announced plans to separate into two, independent public companies. Lamb Weston will be a food service supplier of frozen potatoes.
The company is scheduled to report its 2017 fiscal first quarter results before the market open on September 29.
Shares of ConAgra were increasing in late-afternoon trading today.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strongest point has been its expanding profit margins.
But the team also finds weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CAG