After Jana Partners disclosed a 9.5% activist stake in Pinnacle Foods (PF), JPMorgan analyst Ken Goldman reiterates his belief that the company is a likely takeout candidate. The most logical potential buyer for Pinnacle would be Conagra (CAG) because putting the two frozen food manufacturers together would generate "unusually powerful" cost synergies, Goldman tells investors in a research note. The analyst also sees are other credible potential suitors for Pinnacle, such as Kraft Heinz (KHC). Goldman has Overweight ratings on all three names.

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Backs FY24 organic net sales flat to up 2%. Backs FY24 adjusted operating income up 2%-4%. "Our Agile@Scale methodology continues to fuel reinvestment in the business, helping to deliver against our gross efficiency target. These reinvestments are powering innovation, brand superiority, disruptive marketing, sales excellence, and further productivity to drive growth." Abrams-Rivera continued, "As a result, we are reiterating our outlook for 2024 and remain confident in our ability to drive profitable growth."

Reports Q1 revenue $6.41B, consensus $6.43B. "I'm pleased that our strategic focus on unlocking end-to-end efficiencies and reinvesting in the business to drive sales growth continues to pay off," said Kraft Heinz CEO Carlos Abrams-Rivera. "Our first quarter results were in line with our expectations, with growth across each of our three strategic pillars - Global Away From Home, Emerging Markets, and North America Retail ACCELERATE Platforms - and continued sequential volume recovery. At the same time, we increased year-over-year operating income in the quarter."