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Fly News Breaks for June 22, 2018
CAG, PF
Jun 22, 2018 | 07:46 EDT
Credit Suisse analyst Robert Moskow believes the probability of a merger between Pinnacle Foods (PF) and Conagra (CAG) is higher now given activist involvement from Jana Partners, which has taken a 9.1% stake in Pinnacle, and pressures to offset costs. At $73/share, he estimates 31c of EPS accretion by year three and 6c in year one from the rumored deal. Moskow has an Outperform rating and $68 price target on Pinnacle Foods shares.
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