Buy Slim Jim maker Conagra Brands on improving profits, Trump's tax cuts, Citi says

A package of ConAgra Foods' Hebrew National brand beef franks.
Daniel Acker | Bloomberg | Getty Images

Investors should buy shares of Conagra Brands due to the prospect of better earnings in the coming years and Donald Trump's tax reform plan, according to Citi Research, which raised its rating on the maker of Hebrew National and Slim Jim packaged food products to buy from neutral.

"We are upgrading Conagra shares ... as we see the firm's portfolio transformation driving strong margin and earnings growth over the coming years," analyst David Driscoll wrote in a note to clients Wednesday. "We believe that Conagra would receive a significant boost to earnings from a change in US tax law."