Wells Fargo Resumes Campbell Soup (CPB) at Market Perform, Muted Expectations Limit Downside Risk

Wells Fargo resumed coverage on Campbell Soup (NYSE: CPB) with a Market Perform rating and a price target of $33 to $35.

"As CPB contends with prolonged U.S. soup weakness and macro softness in key global markets, it is revving its innovation engine and seeking a fine-tuned marketing approach to reconnect with consumers," said analyst John Baumgartner.

"August 2012's acquisition of Bolthouse Farms expands long-term health and wellness opportunities," added Baumgartner.

He says near term, lingering pressures limit upside risks to EPS, but muted expectations similarly limit negative risks to valuation.

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 $35.04 yesterday.

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