Citi analyst Thomas Palmer lowered the firm’s price target on Campbell’s (CPB) to $37 from $39 and keeps a Sell rating on the shares following the fiscal Q2 report. The firm says weaker category demand in Snacks is pressuring volumes and leading to stepped up price competition. A lower rate of earnings growth beyond fiscal 2025 should be assumed, given “enduring” demand weakness in Snacks, slowing sales growth of Sovos, and that fiscal 2025 includes the pull forward of cost savings, the analyst tells investors in a research note.
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