Jefferies lowered the firm’s price target on The Campbell’s Company (CPB) to $46 from $52 and keeps a Hold rating on the shares. Campbell’s has seen a reversal, with snacks now the bigger pressure point versus meals and beverages at this time last year, the analyst noted. While Swanson, Farmhouse, Prego, and Pace have seen strong volume growth recently, numerous snack brands and core Campbell’s soup are more pressured and “with this backdrop, hard to see how CPB reaches +3-4% LT Snacks growth,” the analyst added.
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