Campbell: Jefferies reduces target price

(CercleFinance.com) - Jefferies maintains its "hold" rating on Campbell Soup shares, while reducing its target price for them from $49 to $46, ahead of the food group's Q4 results.


While the trend seems "impressive" in snacks, where price increases are more than offsetting volume declines, the broker sees more difficulties in meals and beverages, where prices have slowed and volumes are down by around 7%.

"M&B volumes now the risk, as private label is still pressuring soup, leading to potential promo step-up needs", it warns.


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