The firm raised its rating on ConAgra to "overweight" from "neutral" citing an attractive risk/reward profile following the activist stake by JANA Partners.
JPMorgan also hiked its price target for shares to $52 from $39, saying it is confident the company will undergo changes.
Omaha-based ConAgra Foods is a packaged food company that provides branded and private branded foods in households, commercial foods businesses, and foodservice operations.
The company's brands include Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM, Peter Pan, Reddi-wip, Slim Jim and Snack Pack.
CongAra Foods products are sold in grocery, convenience, mass merchandise, club, and drug stores.
Separately, TheStreet Ratings team rates CONAGRA FOODS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONAGRA FOODS INC (CAG) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: