Heinz shares, which currently trade at around $36, could ultimately fetch up to $60 or $70 each if the likes of Nestle , Kraft or Unilever are interested in the company, which has a market value of $11 billion, Barron's said in its January 26 edition.

Even without an acquisition bid, the paper said Pittsburgh-based Heinz's shares have the potential to rise around 30 percent to $45 this year as the stock has fallen about 27 percent in the last six months, compared with a 10 percent drop at other food companies.

(Reporting by Yinka Adegoke, editing by Maureen Bavdek)