RBC Capital Reiterates Sector Perform on Campbell Soup (CPB) Following 3Q Beat

RBC Capital maintained a Sector Perform rating and $62.00 price target on Campbell Soup (NYSE: CPB) following the company's 3Q earnings report. RBC raised FY16 EPS from $2.91 to $2.95 (compared to $2.95 consensus) largely to reflect an ongoing supply chain productivity improvement and a slightly lower expected tax-rate.

Analyst David Palmer commented, "We are raising our FY16 EPS after a F3Q beat driven by improved supply chain productivity gains and lower-than-expected foreign tax. We maintain our FY17 estimate due to our expectation of significant cost savings reinvestment to bolster revenue growth. The quarter’s diminished margin gain also illustrates the degree to which lower promotion and deflation tailwinds in 1H16 were perhaps short-lived."

For an analyst ratings summary and ratings history on Campbell Soup click here. For more ratings news on Campbell Soup click here.

Shares of Campbell Soup closed at $59.90 yesterday.

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