U.S. food giant Kraft Heinz, still smarting from its failed takeover bid for Europe’s Unilever, is on the prowl for its next target and more names are being mentioned as possibilities, according to a new report.

“This is not the last M&A play we are likely to see from Kraft Heinz,” said S&P Global Ratings analyst Bea Chiem. “Consequently, the most frequent questions we receive concerning the U.S. packaged food sector concern Kraft Heinz.”

In a report issued Monday, S&P said there are “attractive targets” for Kraft Heinz that include Mondelez InternationalGeneral MillsKelloggCampbell Soup as well as Colgate-Palmolive and Kimberly-Clark. It adds that “PepsiCo would be a stretch given its entrenched management team,” although Bernstein in a research note Monday said a “Kraft-Heinz PepsiCo tie-up might be one of the most likely.”

Bernstein’s analyst Pablo Zuanic’s report points out that 3G and Berkshire Hathaway would need to come up with around $70 billion of equity if they wanted to maintain control of the merged entity. However, a PepsiCo deal by Kraft Heinz also could present other issues for Berkshire Hathaway given it’s already a major investor in rival Coca-Cola.

Indeed, there’s been a lot of buzz in recent months on possible merger and acquisitions involving Heinz Kraft and its deep-pocketed investors. But many rumored or announced deals have fizzled.

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