UPDATE: Jefferies Upgrades Campbell Soup (CPB) to Buy
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Jefferies analyst Rob Dickerson upgraded Campbell Soup (NYSE: CPB) from Hold to Buy with a price target of $59.00 (from $53.00).
The analyst comments "CPB, in much earlier stages of its turnaround story than CAG, benefits from a pull-forward in planned efficiencies, namely product offering and production-line optimization with a focus on core/high-velocity SKUs, which we believe generates incremental margin expansion potential, brand reinvestment firepower, and financial deleverage, thereby leaving consensus too low in FY’23, all at an attractive valuation and risk/reward. We’re at $3.35 in FY’23 EPS vs $3.07 consensus (~9% higher)."
Shares of Campbell Soup closed at $49.58 yesterday.
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