ConAgra (NYSE:CAG) shares experienced a sharp 6.41% decline in pre-market trading on Thursday, as investors brace for the company's third-quarter earnings report scheduled for release before the opening bell. The significant drop comes amidst a series of analyst price target reductions and tepid expectations for the upcoming financial results.

Analysts are projecting ConAgra to report quarterly earnings of 53 cents per share, down from 69 cents per share in the same period last year. Revenue is expected to come in at $2.9 billion, a decrease from $3.03 billion a year earlier. The lowered expectations reflect ongoing challenges in the consumer goods sector, including inflationary pressures and shifting consumer preferences.

Adding to the bearish sentiment, several of Wall Street's most accurate analysts have recently adjusted their outlook on ConAgra stock. JP Morgan analyst Ken Goldman, who has a 78% accuracy rate, maintained a Neutral rating but cut the price target from $29 to $26 on March 6. Similarly, analysts from Stifel, Wells Fargo, and B of A Securities have all maintained neutral-equivalent ratings while reducing their price targets in recent months. These downgrades suggest growing caution about ConAgra's near-term prospects, likely contributing to today's stock sell-off.

Despite the current market reaction, ConAgra recently announced a partnership with Bloom Energy Corp (NYSE:BE) to integrate advanced fuel cell technology at two of its Ohio manufacturing plants. This move towards more sustainable operations could potentially benefit the company in the long term, but investors appear to be more focused on immediate financial performance as reflected in the upcoming earnings report.