Campbell Soup (CPB) PT Lowered at RBC Capital; 'Near-Term Road Ahead Remains Tough'

RBC Capital analyst Nik Modi lowered the price target on Campbell Soup (NASDAQ: CPB) to $38.00 (from $44.00) while maintaining a Sector Perform rating.

The analyst commented: "Narrative Largely Unchanged; Near-Term Road Ahead Remains Tough; CPB reported mixed F3Q results, as worsening consumer sentiment had an opposite effect on the company's two divisions. M&B continued to benefit from consumers eating more meals at home, while Snacks remained under pressure due to increased competition and more intentional consumer spend. Despite upside to EBIT and EPS estimates in the quarter, mgmt. now expects lighter profitability for the full year given lack of material recovery in Snacks, and tariffs look set to add additional pressure in F4Q and beyond (should they remain unresolved). We reduce our price target to $38 (from $44) and maintain our Sector Perform rating."

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