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Add This Food Stock To Your Diet

UBS senior restaurant analyst David Palmer says it's time to buy Kraft Foods.

The company's third-quarter profit more than doubled, largely because of a one-time gain from the sale of its Post cereal unit.

Palmer says selling Post was a good move.

"It makes sense they got rid of something that's a third-tier brand in its category," he told CNBC. "Kraft should be No. 1."

He's not worried about budget-conscious shoppers switching to store brands from Kraft's pricier foods.

"The commodity prices on those items are coming down dramatically," he said. "We believe they're set to go down even further through the first quarter."

Disclosures:

Kraft Foods is an investment banking client of Palmer's firm, which has also provided the company with non-investment banking securities-related services.

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Kraft: Compare with Rivals

- ConAgra

- Nestle

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