Argus Downgrades Campbell Soup (CPB) to Hold

Argus analyst Taylor Conrad downgraded Campbell Soup (NASDAQ: CPB) from Buy to Hold.

The analyst commented: "We are lowering our rating on Campbell’s Co. (NYSE: CPB) to HOLD from BUY. During the worst of inflation, CPB rapidly raised prices at the cost of volume. Despite the recent slowing price hikes, volume has yet to recover. We note that volume has declined or remained flat year over year in six of the past eight quarters. Pressured by years of stubborn inflation and a now
especially uncertain economic environment, consumers have been more cautious on spending, trading down to less expensive private-label products. Management has also struggled with margins recently, as they face their own increasing input costs and lower volume. On the positive side, we have a favorable view of Campbell’s Sovos acquisition, with its popular Rao’s brand, and its potential to strengthen the Meals & Beverages segment."

For an analyst ratings summary and ratings history on Campbell Soup click here. For more ratings news on Campbell Soup click here.

Shares of Campbell Soup closed at $31.85 yesterday.

You May Also Be Interested In

• Deutsche Bank Downgrades Bunzl Plc. (BNZL:LN) (BZLFY) to Hold
• Berenberg Starts Raspberry PI Holdings PLC (RPI:LN) at Hold
• Deutsche Bank Downgrades AtaiBeckley Inc (ATAI) to Hold