Campbell Soup (CPB) PT Lowered to $44 at Bernstein

Bernstein SocGen Group analyst Alexia Howard lowered the price target on Campbell Soup (NASDAQ: CPB) to $44.00 (from $47.00) while maintaining an Outperform rating.

The analyst commented: "Compared to rather weak performance across other U.S. Food companies, this quarter’s results weren’t too shabby and came through ahead of management expectations. Underlying soup volume/mix growth of ~2% excluding the pull forward of shipments was encouraging and suggests the category is well-aligned with current cooking from scratch trends as well as the needs of GLP-1 patients. Snacking category sales remain weak, which we attribute to both consumer value-seeking behavior and also the uptake of GLP-1 drugs in the U.S. But overall the ongoing volume/mix improvement is better than we are seeing for many other companies. As we look out to FY26, clearly tariffs remain a question mark, and incentive comp and stepped up marketing are likely to remain headwinds, but continued strength in the meals and beverage side of the business looks likely."

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