Stephens thinks Pinnacle Foods (NYSE:PF) could be worth as much as $85 in a takeover scenario.
The package foods company was already considered a M&A target before activist firm Jana Partners jumped in yesterday with a 9.5% stake. It was about a year ago that Jana took a stake in Whole Foods in front of that company's acquisition by Amazon.
Shares of Pinnacle are up 8.15% premarket to $59.70. The 52-week high is $66.67. ConAgra is up 1.0%.
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