Dan Loeb's Third Point has acquired a stake in Pinnacle Foods (PF), according to a Reuters report late Friday, and Jefferies analyst Akshay Jagdale sees the activist pushing for a sale. Pinnacle is one of the best managed companies in the space, which means Third Point is unlikely to push for a management shake-up, Jagdale tells investors in a research note. He sees the activist pushing for a sale "given how ripe the Frozen category is for consolidation" and the fact that Pinnacle's size "limits its ability to be the acquirer of choice in the category." Conagra Brands (CAG) is one of the natural buyers and the deal would be "significantly" accretive, Jagdale contends. He assumes an $80 per share takeout price for Pinnacle. The stock closed Friday up $2.40 to $61.65. The analyst also believes Conagra's recent positive inflection in sales growth is sustainable. He raised his price target for Conagra shares to $44 from $40 and keeps a Buy rating on the name.