UBS analyst Steven Strycula analyzed a potential merger combination between Pinnacle Foods (PF) and Conagra (CAG), analyzing the U.S. frozen food supply chain and running optimization scenarios to assess network redundancy. He said a footprint of the merger suggests the merged companies can reach the same number of grocery stores with fewer frozen facilities, shorter drive times, and a great number of full frozen truck loads. Thus he believes a combination between the two enhances supply chain efficiency and offers synergy potential above industry norms. Strycula has a Buy rating and $64 price target on Pinnacle Foods.