Goldman Sachs Says Turnaround at Campbell Soup (CPB) 'Increasingly Unlikely,' Reiterates Sell Rating

Goldman Sachs reiterated its Sell rating and $32 price target on Campbell Soup (NYSE: CPB) following what they called a "low quality beat" of $0.56 and reiterated FY12 guidance that driven by a lower tax rate.

The firm said execution remains erratic at the company and a turnaround seems increasingly unlikely.

"The company continues to struggle in all its major segments, particularly in core US soup," the analyst said. On the 5% list price increase on condensed soup, Goldman sees more risk than opportunity from this action.

The firm FY12/FY13/FY14 estimates move to $2.41/$2.49/$2.64 from $2.37/$2.50/$2.65.

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 $32.75 yesterday.

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