Goldman Sachs Does a 180 on Campbell Soup (CPB); Upgrades to Conviction Buy

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Goldman Sachs upgraded Campbell Soup (NYSE: CPB) from Sell to Conviction Buy with a price target of $39.00 (from $32.00), saying their two year-old Sell thesis has played out, risk-reward now skews favorably and we see reason to believe a turnaround is ahead.

The firm notes: (1) proprietary survey data and recent Nielsen data offer reason to believe canned soup can grow anew; (2) management’s marketing and innovation strategy has dramatically changed and we see a compelling slate of innovation and improved marketing messaging driving excitement in soup; and (3) we expect more balanced tactical merchandising efforts, along with innovation and marketing, to stem its RTS share losses.

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 $33.31 yesterday, with a 52 week range of $29.75-$34.58.

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