The analyst from Jefferies indicated that the results from the second quarter did not bolster shareholder confidence during an ongoing proxy battle, complicating the company's efforts to defend against an activist campaign. The report noted that while North American (NA) fundamentals are not the primary concern, international performance is seen as more troubling. Despite these challenges, InvestingPro data shows the company maintains a GOOD overall financial health score, with revenue growing at 9.61% and a healthy current ratio of 1.19. The analyst stated that the medium-term outlook for Lamb Weston is filled with concerns, which could potentially make the defense against activist shareholders more challenging. Despite these issues, the analyst believes that the probability of a deal involving Lamb Weston has increased. The analyst's commentary highlighted that the focus is now shifting toward the fair intrinsic value of Lamb Weston rather than a standalone recovery.