Campbell’s price target lowered to $47 from $48 at Bernstein

Bernstein analyst Alexia Howard lowered the firm’s price target on Campbell’s (CPB) to $47 from $48 and keeps an Outperform rating on the shares after Trump announced a slate of “reciprocal” tariffs on imports to the U.S. These tariffs begin at a blanket 10% for all imports into the U.S., with higher rates for some countries based on the administration’s calculation of each country’s “Tariffs Charged to the U.S.A. including Currency Manipulation and Trade Barriers” levied on U.S. exports. Notably, Mexico and Canada were spared in yesterday’s announcement, and are only subject to the pre-existing conditions and tariff policies of the USMCA. But recently imposed tariffs on Canadian steel and aluminum will still stand, which will affect Campbell’s.