UPDATE: R5 Capital Upgrades Campbell Soup (CPB) to Buy

(updating comment)

R5 Capital analyst Scott Mushkin upgraded Campbell Soup (NYSE: CPB) from Hold to Buy with a price target of $59.00.

The analyst comments "If we are correct that there will be a few more Food at Home occasions per week, cycling the COVID sales bump will prove easier and revenues exiting the pandemic much higher than are currently being modeled by many investors. Our proprietary consumer research also shows consumers are more interested in purchasing branded packaged food than they were prior to the pandemic. In sum, we see much higher revenues and earnings driven by both company specific initiatives and tailwinds, which leaves our forecast well above current consensus expectations. With valuation reasonable given its PE is at the historical average, and well below relative to the S&P, we believe investors will be well rewarded owning the equity."

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 $49.16 yesterday.

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