Goldman Sachs maintained a Neutral rating on Campbell Soup (NYSE: CPB) with a price target of $43. Analyst Jason English called the company's Q3 beat 'low-quality'.

"We expect the stock to trade lower on the low-quality beat and downward outlook revision. Management now expects to reach the lower end of FY14 EPS guide with lower incentive compensation and benefits of a 53rd week serving as enablers. These benefits should reverse next year and, if weather is less accommodating, may set the company up for a challenging FY15. Speculation of where guidance may come in at its July analyst day is likely to be a growing area of focus for investors," said English.

"On the quarter, consolidated revenue fell short of expectations (0.4% vs. GS/consensus 0.7%/2%). However, we were encouraged to see its core US Simple Meals bolstered by 14% growth in broth and 25% growth in the Sauces portfolio (though another quarter of rising retail inventory appears to have helped the soup portfolio). Global Baking and Snacking was weaker (sales were -0.7% vs. GS 2.7%), which can be partially attributed to seasonality of Kelsen sales owing to China New year timing. Volumes in its International Simple Meals segment were notably anemic (were -6% vs. GS -3.4%) with broad-based declines. The lower gross margin (35.2% vs. GS 37.1%) was disappointing though its impact was partially mitigated by lower marketing spend (11% of sales vs. GS 12.6%) and a lower tax rate (30.6% vs. GS 31.5%)," added the analyst.

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 $45.12 yesterday.