In fact, RBC Capital Markets just upgraded the stock in the wake of the news of the acquisition, giving CAG a target price of $46 for a potential gain of 33% from today's share price of $34.64.
Acquisitions are going to be a key driver of CAG's future growth.
Conagra has a clearly defined plan to spend money on acquisitions to diversify its brand, attract health-conscious consumers, increase top-line growth, and help widen its margins.
And the company's acquisition of Pinnacle Foods is a sign Conagra is ambitiously pursuing this plan.
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The deal will make Conagra the second-largest frozen food company in the United States, behind only industry giant Nestlé S.A.
And that's just one reason to own CAG stock…