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Campbell: in turn, Credit Suisse cuts target price.

(CercleFinance.com) - Credit Suisse has reduced its earnings estimates for Campbell and has cut its target price for the share from 43 dollars to 41 dollars, saying that the US soupmaker's reduced guidance "still looks overly optimistic.

Yesterday the group lowered its operating profit guidance range for full-year 2017/2018 to -4% to -2%, down from -1% to 1% previously.

Given how much trouble Campbell has recently had predicting its biggest customer's attitude towards its soup line, the broker still finds the updated guidance "hard to embrace."

"What if this customer decides to reduce inventory levels even further?" Credit Suisse asks in a report sent to clients, maintaining its "underperform" rating on the share.

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