The Simply Good Foods Company (SMPL) is gearing up to release first-quarter earnings before the bell on Thursday, January 8, 2025, and the numbers aren't looking particularly appetizing.

Wall Street expects the Denver-based company to report quarterly earnings of 36 cents per share, a notable drop from 49 cents per share during the same quarter last year. That's a roughly 27% decline year-over-year. Revenue projections tell a similar story: analysts are forecasting $339.33 million, slightly down from $341.27 million in the prior-year period.

The muted expectations shouldn't come as a complete surprise. Back on October 23, Simply Good Foods delivered weaker-than-expected results for its fourth quarter, sending shares tumbling. The stock closed at $18.84 on Monday, down 3.7% for the session.

So what are the best analysts saying heading into this report? Here's a rundown of recent ratings from analysts with the strongest track records on Simply Good Foods:

Bernstein analyst Alexia Howard, who carries a 54% accuracy rate, maintained an Outperform rating on December 19 and lifted her price target from $29 to $31, showing some optimism despite the headwinds.

Mizuho's John Baumgartner (55% accuracy) also kept an Outperform rating but brought his price target down considerably from $43 to $35 on November 12, reflecting a more cautious stance.

UBS analyst Peter Grom, sporting a 56% accuracy rate, maintained a Neutral rating while slashing his target from $27 to $23 on October 24, right after that disappointing Q4 report.

Stifel's Matthew Smith (53% accuracy) held onto his Buy rating but trimmed the price target from $40 to $38 back on June 27.

DA Davidson analyst Brian Holland, with a 52% accuracy rate, kept a Neutral stance while reducing his target from $42 to $38 on June 9.

The range of price targets from these top analysts spans from $23 to $38, suggesting there's still considerable debate about where Simply Good Foods goes from here. Thursday's earnings call should provide some clarity on whether the company can reverse its earnings decline or if more challenges lie ahead.