Campbell Soup (CPB): Gross Margin Gains Lead To Price Target Increase - RBC
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RBC Capital analyst, David Palmer, reiterated his Sector Perform rating on shares of Campbell Soup (NYSE: CPB) and raised his price target to $60 after the company posted better-than-expected fiscal Q1 results.
Fiscal 1Q was notable for two main reasons: 1) overhead and supply chain savings are accruing faster than expected, 2) the outlook for soup is brighter given recent segment gross profit trends and the potential for increasing innovation lift in 2017.
The analyst is sticking with his Sector Perform rating for now but "will be watching for improving base sales for proof that reinvestment and innovation is working" which could lead to an upgrade.
The PT goes to $60 from $58.
Shares of Campbell Soup closed at $57.52 yesterday.
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