Campbell downgraded to Neutral from Buy at DA Davidson

DA Davidson downgraded Campbell to Neutral from Buy with an unchanged price target of $51. The firm holds to its broader industry view that food companies will have to work harder for less growth in a more competitive environment, as reflected in its below consensus model for Campbell through at least FY26. The firm sees near term volume pressure and minimal price contribution weighing on the top line, while marketing and selling reinvestment constrains margins, and doesn’t see a near in catalyst, the analyst tells investors.