ConAgra Foods (CAG - Get Report) has completely "reconfigured itself," according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.

Shares have done pretty well lately, up almost 7% this year and nearly 20% over the past 12 months. Investors are hoping the company can keep the good stuff coming when it reports earnings on Thursday before the open

If the earnings report is good, the stock may have even more room to rally, Cramer reasoned. He pointed out that shares of General Mills (GIS - Get Report) have been strong, and ConAgra could join along if investors like what they see. 

While he was quick to reason that General Mills and even Campbell's Soup (CPB - Get Report) are of higher quality, Cramer acknowledged that ConAgra has done a great job at bringing out value for its shareholders during its reorganization. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.