I don't think you can do that with conditional formatting. You can use an "if" formula to do that.
eg
=if(A1<14500,"low","high")
Which, as per the prompt, basically says, if the value in A1 < 14500, put the text "low" , otherwise put the text "high".
I think there might be a way to do multiple versions , low, med , high, but I'll have to think about that!