UPDATE: RBC Capital Downgrades Campbell Soup (CPB) to Sector Perform
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RBC Capital analyst Nik Modi downgraded Campbell Soup (NYSE: CPB) from Outperform to Sector Perform with a price target of $46.00 (from $47.00).
The analyst comments "YTD, CPB shares have outperformed the market by ~6 points, the XLP by ~5 points, and the rest of our food coverage by ~8 points. CPB now trades about in-line with packaged food peers (or ~7% above peers excluding higher-growth MDLZ). Given what we see as a more fair valuation, rising inflation and our preference for names exposed to improved mobility, we believe a Sector Perform rating is more appropriate."
Shares of Campbell Soup closed at $44.53 yesterday.
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