The packaged food company, which operates brands such as Chef Boyardee and Slim Jim, will report its 2016 third quarter results before the market open on Thursday, April 7.
"Why do I care about it? Look at General Mills (GIS)," Cramer said. "General Mills has been the standout performer in the last few weeks. I think ConAgra could join them."
Analysts surveyed by Thomson Reuters are expecting ConAgra to report third quarter earnings of 59 cents per share on revenue of $2.87 billion. Last year, the company posted earnings of 59 cents per share on revenue of $3.88 billion during the third quarter.
"No, it's no General Mills, it's not as good, nor is it as good as Campbell's Soup Co. (CPB)," Cramer said. "But I think the restructuring is bringing out a lot of value."
ConAgra stock is up by 1.52% to $45.30 in late morning trading on Friday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "buy" with a ratings score of B-. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, solid stock price performance and good cash flow from operations. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: CAG