RIM Gets Upgraded During Canada’s Celebration, ConAgra’s Ralcorp Purchase: Consumer Business Recap
Canada is celebrating the appointment of its own Mark Carney as the new governor of The Bank of England. One might wonder if Tuesday’s upgrade of the Canadian firm Research In Motion (NASDAQ:RIMM) to Outperform at CIBC World Markets was in any way inspired by the news. The stock’s price target was also raised from $8 to $17 by analysts which are optimistic over the BlackBerry 10’s imminent intro.
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With its $5 billion acquisition of Ralcorp Holding (NYSE:RAH), ConAgra Foods (NYSE:CAG) will become the largest maker of store brand foods in the United States, expanding its footprint in the rapidly-growing market for cereals, crackers and other packaged foods that are marketed under private labels. The buyer had offered a number of bids for Ralcorp in 2011 and the purchase marks a year of such moves for the company. The St. Louis-based Ralcorp produces products for a broad array of firms including huge names like Wal-Mart Stores (NYSE:WMT) and McDonald’s Corporation (NYSE:MCD).
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