NEW YORK (TheStreet) -- ConAgra Foods (CAG - Get Report), Pilgrim's Pride (PPC - Get Report), Bunge (BG - Get Report), Tyson Foods (TSN - Get Report), Smithfield Foods (SFD) are some food stocks trading at discounts, offering investors bargain opportunities.

According to the UN Food and Agriculture Organization (FAO), food prices witnessed unprecedented hikes worldwide, hitting record highs in February -- an eighth consecutive monthly rise. Given this scenario, the following 10 food stocks, trading at deep discounts, offer attractive returns.

Besides analysts' buy ratings of 33%-100%, these 10 food stocks are expected to gain up to 99% over the next 12 months with a mean upside value of around 27%, according to analysts polled by Bloomberg. These stocks are selling at a price-to-projected-earnings ratio of 5.8-13.1.

In comparison, Kraft Foods ( KFT), Monsanto ( MON), General Mills ( GIS) and Kellogg ( K) have PE multiples of 13.9 to 25.3.

Although stocks such as Fresh Del Monte Produce ( FDP), Del Monte Foods ( DLM) and Campbell Soup ( CPB) have price-to-earnings multiples in the range of 10.8-13.7, we did not include them in our list as they have buy ratings of 0%-18% and upsides of only 0%-7%.

10. ConAgra Foods ( CAG - Get Report) produces and markets packaged foods for retail customers, restaurants and institutions.

The company reported earnings of 45 cents per share for fiscal 2011 second quarter ended Nov. 30, 2010, in comparison to earnings of 55 cents per share and 32 cents per share in the year-ago and quarter-ago periods, respectively. Earnings per share are pegged at $1.75 for fiscal 2011 and $1.92 for fiscal 2012, in comparison to earnings of $1.67 per share reported for fiscal 2010, analysts polled by Bloomberg report.

At $23.05, the stock is trading at an attractive PE multiple of 13.1 and received 33% buy ratings from 5 of the 15 analysts covering the stock, while 10 analysts rated a hold.

Data from Bloomberg has analysts forecasting an average price target of $24.8, up 7% from current levels.

9. Darling International ( DAR - Get Report) provides rendering, recycling and recovery solutions to the U.S. food industry.

For 2010 fourth quarter, earnings per share were 12 cents, in comparison to earnings of 12 cents per share and 28 cents per share in the year-ago and quarter-ago periods, respectively. Earnings per share are pegged at $1.12 for 2011 and $1.24 for 2012, in comparison to earnings of 53 cents per share reported for fiscal 2010, according to analysts polled by Bloomberg.

Analysts polled by Bloomberg anticipate 16% upside over the next 12 months with a consensus target price of $16.8. At $14.5, Darling International is trading at a PE multiple of 12.8.

The stock received 67% buy ratings from six of the nine analysts covering it, while two rated a hold and one suggested a sell.

8. Pilgrim's Pride ( PPC - Get Report) produces prepared and fresh chicken products in the U.S., Mexico and Puerto Rico.

The company reported earnings of 20 cents per share for 2010 fourth quarter, in comparison to earnings of $1.12 per share and 27 cents per share in the year-ago and quarter-ago periods, respectively. Earnings per share are pegged at 13 cents for 2011 and 71 cents for 2012, according to analysts polled by Bloomberg.

Over the next 12 months, analysts at Bloomberg foresee the stock gaining an average 22%, while Sanderson Farms ( SAFM) and Hormel Foods ( HRL) are likely to return 6%, and 2%, respectively.

Of the four analysts covering the stock, two recommend a buy and two rate a hold.

7. Bunge ( BG - Get Report) buys, stores, processes, transports and sells oilseeds and grains to produce protein meal for livestock feed and edible oils.

For 2010 fourth quarter, the company reported earnings of $1.95 per share, against a loss of 21 cents per share and earnings of $1.36 per share in the year-ago and quarter-ago periods, respectively. Earnings per share are pegged at $5.78 for 2011 and $6.58 for 2012, according to analysts polled by Bloomberg.

During the past 12 months, return-on-equity has been 23.5%, surpassing competitors Archer-Daniels-Midland ( ADM), AgFeed Industries ( FEED) and Westway Group ( WWAY) ROEs of 13.7%, 7.8% and 0.5%, respectively.

Among 13 analysts covering the stock, 5 recommend buying, 7 suggest holding and 1 rates selling, representing 38% buy ratings.

Analysts polled by Bloomberg project 6% upside over the next 12 months with a consensus target price of $74.7.

6. Ralcorp Holdings ( RAH) is engaged in manufacturing, distributing and marketing private-brand food products in the grocery, mass merchandise and drug store retailers.

The company reported earnings of $1.28 per share for fiscal 2011 first quarter ended Dec. 31, 2010, in comparison to earnings of $1.19 per share and 76 cents per share in the year-ago and quarter-ago periods, respectively. Earnings per share are pegged at $5.33 for fiscal 2011 and $5.81 for 2012, against earnings of $3.74 per share reported for fiscal 2010, according to analysts polled by Bloomberg.

At $63.14, the stock trades at a PE multiple of 11.8, whereas General Mills, Kellogg and Kraft Foods have PE multiples of 14.8, 15.6 and 14.0, respectively.

Analysts at Bloomberg foresee the stock gaining an average 16% over the next 12 months Of the 12 analysts covering the stock, 7 recommend buying, 4 rate holding and 1 suggest selling.

5. Corn Products International ( CPO) refines corn and produces sweeteners and starches.

Data from Bloomberg has analysts predicting earnings of 87 cents per share in 2011 first quarter, compared to earnings of 57 cents and 67 cents per share in the year-ago and quarter-ago periods, respectively. Earnings per share are pegged at $4.01 for 2011 and $4.41 for 2012, in comparison to earnings of $2.20 per share in 2010.

The stock consolidated around 35.7% over the past 12 months, while Archer-Daniels-Midland and MGP Ingredients ( MGPI) climbed 20.2% and 24.5%, respectively.

Of the nine analysts covering the stock, four recommend buying and five suggest holding, representing 44% buy ratings. Analysts polled by Bloomberg expect the stock to gain around 19% over the next 12 months with a target price of $56.4.

4. Tyson Foods ( TSN - Get Report) produces, distributes and markets chicken, beef, pork, prepared foods and allied products.

The company reported earnings of 78 cents per share for fiscal 2011 first quarter ended Dec. 31, 2010, from earnings of 42 cents per share and 57 cents per share in the year-ago and quarter-ago periods, respectively. Bloomberg analysts peg earnings per share at $2.11 for fiscal 2011 and $2.15 for 2012.

Consensus target price over the next 12 months is $22.1, and analysts polled by Bloomberg forecast 20% upside. In comparison, Smithfield Foods ( SFD) and Sanderson Farms ( SAFM) have upsides of 8% and 6%, respectively.

The stock has 47% buy ratings as 8 of the 17 analysts covering it recommend buying and 9 suggest holding. The stock's current PE multiple is an attractive 9.0 and EV-to-EBITDA ratio is 4.4.

3. Smithfield Foods ( SFD) produces and markets fresh meat and packaged meat products.

For fiscal 2011 second quarter ended in Oct. 31, 2010, the company reported earnings of 86 cents per share, opposed to loss of 17 cents per share and earnings of 46 cents per share in the year-ago and quarter-ago periods, respectively. For full-year 2011, earnings per share are pegged at $2.80, a significant turnaround from loss of 65 cents per share reported for fiscal 2010, analysts polled by Bloomberg report.

At $22.23, the stock is trading at an attractive price-to-earnings multiple of 8.8 while the same for Hormel Foods ( HRL) and Zhongpin ( HOGS) is 27.1, and 18.1, respectively.

Of the 15 analysts covering the stock, 8 recommend buying and 7 suggest holding, representing 53% buy ratings. The stock has 8% upside over the next 12 months with a consensus target price of $23.9, analysts polled by Bloomberg envisage.

2. Yuhe International ( YUII) is a China-based supplier of day-old chickens raised for meat production, or broilers.

Analysts polled by Bloomberg expect the company to report earnings of 26 cents per share for 2010 fourth quarter, compared to earnings of 23 cents per share in the year-ago period. For the full year, the company to likely to report earnings per share of $1.15 for 2010, and $1.67 for 2011, compared to earnings of 81 cents per share for 2009.

Return-on-equity during the past 12 months has been 26.4%, surpassing competitors Industrias Bachoco ( IBA), Sanderson Farms ( SAFM) and Cal-Maine Foods ( CALM) ROEs of 12.9%, 25.0% and 19.1%, respectively.

The stock is currently trading at an attractive forward price-to-earnings multiple of 7.9 and EV-to-EBITDA ratio of 6.9.

All the three analysts covering the stock recommend buying and foresee the stock gaining around 99% over the next 12 months with a consensus target price of $16.7.

1. China Nutrifruit Group ( CNGL) produces, markets, and distributes a range of food products.

The company is expected to report earnings of 20 cents per share for 2011 fourth quarter ending March, compared to earnings of 17 cents per share in the year-ago period, analysts polled by Bloomberg affirm. The company earnings per share for fiscal 2011 are pegged at 57 cents, up from 51 cents per share in the prior year.

At $3.29, the stock is trading at an attractive price-to-earnings multiple of 5.8. In comparison H.J. Heinz ( HNZ) and Smart Balance ( SMBL) are trading at PE multiples of 15.7, and 22.0, respectively. China Nutrifruit's EV-to-EBITDA ratio of 2.9 is well below its competitors.

The stock is expected to gain around 52% over the next 12 months with a target price of $5.0, analysts polled by Bloomberg reveal.