Campbell Soup’s Rating, Target Cut at Bernstein (CPB)

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Packaged foods maker Campbell Soup Company ( CPB ) on Tuesday saw its rating and price target downgraded by analysts at Sanford C. Bernstein & Co.

The firm said it cut its rating on CPB from "Outperform" to "Market Perform" and lowered its price target from $39 to $37. That new target implies a smaller 9% upside to the stock's Monday closing price of $33.85.

Last month, Campbell reported in-line fiscal second quarter earnings, but cut its 2011 forecast substantially .

Campbell Soup shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Campbell Soup ( CPB ) have a 3.43% dividend yield, based on last night's closing stock price of $33.85. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $35-$36 price levels.

Campbell Soup Company ( CPB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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