Campbell Soup: Jefferies raises target price

(CercleFinance.com) - Jefferies reiterates its 'hold' recommendation on Campbell Soup shares, while raising its target price from $44 to $52, ahead of its quarterly earnings call this Thursday and its Investor Day on 10 September.


Soup sales have improved, broths have posted double-digit growth since the start of the year, and Rao's sauce has accelerated its distribution gains, leading to improved M&B (food and beverage) trends, the broker says.

Jefferies nevertheless recommends a degree of caution on the dossier, pointing, for example, to a recovery in capacity at its competitor TreeHouse Foods, a continuing drop in volume in snacks and a good rise in the share price already this year.


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